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Nuvelo Announces Phase 2 SONOMA-3 Trial Did Not Meet Target Product Profile and Discontinues Alfimeprase Development
Date:3/17/2008

that our decision to shut down this program is appropriate for our business."

As a result of the decision to discontinue alfimeprase clinical development, Nuvelo will restructure to make additional resources available for its other research and development programs. In connection with the restructuring, the company is reducing its work force by approximately 40 full time equivalents, consisting of a combination of employees and contractors. As part of the reorganization, Michael Levy, M.D., executive vice president of research and development, will be leaving the company. Nuvelo anticipates incurring restructuring charges of approximately $3.0 million in the first quarter of 2008 primarily related to severance payments to departing employees, including approximately $1.2 million of stock-based compensation expense. As a result of this realignment of personnel and programs, 2008 operating expenses are now expected to be in the range of $47 to $52 million, and net cash used in operating activities to be in the range of $43 to $48 million. As of December 31, 2007, Nuvelo had $103.6 million in cash and cash equivalents, short-term investments and restricted cash.

"Cutting expenses associated with alfimeprase allows us to focus resources on programs that we believe can best drive both near-term and longer-term value. We are on track to report top-line data from our Phase 1 proof-of-concept trial with NU172 and initiate our Phase 1 trial with NU206 in the first half of this year. We also continue to generate exciting discoveries in our Wnt therapeutics and cancer antibody programs, which we expect will become increasingly apparent to investors as the year progresses," said Dr. Love. "With a strong financial foundation in place, we are also in a position to pursue in-licensing opportunities to expand our clinical pipeline."

"We want to express our deep appreciation to the dedicated, hardworking employees who will be leaving Nuvelo. They have contribute
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SOURCE Nuvelo, Inc.
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