Nuvo Announces 2009 second quarter financi...(ved slightly to $4.8 million versus $4.9...),Health

Net cash used in investing activities totaled $148,000 and $203,000 for the three and six months ended June 30, 2009 compared $57,000 and $56,000 in the three and six months ended June 30, 2008. The additions in the three and six months ended June 30, 2009 primarily relate to deposits on and purchases of new production equipment as the Company continued the process of expanding capacity at its Quebec manufacturing facility in preparation for the anticipated production launch of Pennsaid for the U.S. later this year.

Net cash provided by financing activities totaled $3.2 million and $5.3 million for the three and six months ended June 30, 2009, compared to $0.9 million for both the three and six months ended June 30, 2008. During the quarter, the Company received proceeds of $3.2 million ($5.4 million for the six months) upon the exercise of warrants including net proceeds of $1.5 million ($3.7 million for the six months) from the 2009 Warrant Incentive Program. In addition, subsequent to quarter end, the Company received additional proceeds of $5.7 million from the exercise of 19.1 million warrants prior to their expiry on July 13, 2009.

Detailed financial statements and the MD A are available at www.nuvoresearch.com or www.sedar.com.

About Pennsaid

Pennsaid, the Company's lead product, is used to treat the pain and symptoms associated with knee osteoarthritis. Pennsaid combines a transdermal carrier (containing dimethyl sulfoxide, popularly known as "DMSO") with diclofenac sodium, a leading non-steroidal anti-inflammatory drug ("NSAID"), and delivers the active drug through the skin directly to the site of pain. While, conventional oral NSAIDs e
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