NUVO RESEARCH PROVIDES CORPORATE UPDATE
Pennsaid sales continue to grow
“Following on the ongoing successful launch of Pennsaid in the U.S., we are continuing to work to further strengthen Nuvo through additional product development and potential product in-licensing agreements or acquisitions,” said
Pennsaid
Nuvo’s U.S. licensee, Mallinckrodt Inc., a Covidien (NYSE: COV) company, began selling Pennsaid in the U.S. in late April, 2010. Weekly prescriptions and sales of Pennsaid have continued to increase week over week as physicians and patients learn about the benefits of Pennsaid from Covidien’s sales force. Covidien continues to work with private and public medical insurers to maximize reimbursement of the cost of prescriptions to Pennsaid patients. Nuvo is optimistic that these positive trends will continue.
Covidien plans to supplement its direct sales calls to physicians by highlighting Pennsaid at targeted upcoming medical society meetings. In November, two posters and several lectures related to Pennsaid are scheduled to be presented at the American College of Rheumatology annual meeting, and one poster is scheduled to be highlighted at the National Pain Week Meeting in
“While it is still relatively early in the launch, the results so far have been very encouraging,” added Chicoine. “The continuing growth of Pennsaid sales strengthens our conviction that there is a robust market for an effective and safe topical NSAID such as Pennsaid.”
Nuvo receives royalties and is eligible to receive sales based milestone payments from Covidien based upon net U.S. sales of Pennsaid. Nuvo records deferred royalty revenue from Pennsaid as product is shipped to Covidien’s U.S. distributors. These royalties are payable to Nuvo after the end of each of Covidien’s financial quarters. The deferred royalty revenue is recorded as actual revenue when, according to third party prescription data, Pennsaid is sold to patients.
Pennsaid Gel
Pennsaid’s follow-on product, Pennsaid Gel is progressing well in its clinical development program. Pennsaid Gel is intended to enhance the long-term value of the Pennsaid franchise due to its superior dosing, convenience, and anticipated patent protection. Covidien, which has assumed operational and financial responsibility for Pennsaid Gel development, began enrolling patients in its Pennsaid Gel Phase 2 clinical study in July of this year. Enrollment is on schedule and it is anticipated that the study will be completed in the first half of 2011. The Phase 3 clinical program is projected to commence in 2011 following completion of the Phase 2 study.
WF 10 update – Phase 2 Study in Allergic Rhinitis
Nuvo’s immune modulating drug candidate WF10 is making solid progress in its Phase 2 European clinical trial that is being co-funded by the Development Bank of Saxony in
Listing of Nuvo shares in
U.S. stock exchanges typically have minimum share price listing requirements that are greater than Nuvo’s current share price. At Nuvo’s Special and Annual General Meeting in April, 2010, Nuvo shareholders authorized the consolidation of Nuvo’s issued and outstanding common shares in connection with an application to list its shares on a U.S. stock exchange. The consolidation would result in fewer shares outstanding, with each share having a greater value. The timing for a potential share consolidation and the subsequent U.S. listing, have not yet been determined and will depend on a number of internal and external factors including macro economic and capital market conditions.
Pipeline Expansion
Nuvo is actively seeking to expand its pipeline by acquiring or in-licensing mid to later-stage assets to provide a more balanced portfolio of products under development, and a new series of inflection points for prospective and current investors. The Company’s focal point for new product candidates is primarily in the therapeutic area of pain, which is the core area of expertise for Nuvo’s scientific and medical senior management.
To date, Management has evaluated multiple product candidates and remains committed to finding the right asset or assets at the right cost for the benefit of the Company and its shareholders.
Conference Call Notice
Nuvo Research will host a conference call and webcast
About Nuvo Research Inc.
Nuvo is primarily focused on the research and development of drug products delivered into and through the skin using its topical and transdermal drug delivery technologies, and on the development of its immune modulating drug candidate WF10. Nuvo’s lead product is Pennsaid, a topical non-steroidal anti-inflammatory drug (NSAID), which is sold in
Forward-Looking Statements
This document contains forward-looking statements. Some forward-looking statements may be identified by words like “expects”, “anticipates”, “plans”, “intends”, “indicates” or similar expressions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Nuvo considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but caution that these assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report, as well as in Nuvo’s Annual Information Form for the year ended
SOURCE Nuvo Research Inc.