Nuvo Research announces 2013 second quarter results


MISSISSAUGA, ON, July 31, /CNW/ – Inc. (TSX: NRI), a specialty pharmaceutical company dedicated to building a portfolio of products for the topical treatment of pain and the development of its immune modulating drug candidate WF10, today announced its financial and operational for the ended June 30, 2013.
Second Quarter and Recent Corporate Developments:
•    In July 2013, Mallinckrodt plc, Nuvo’s U.S. marketing partner for Pennsaid® and Pennsaid 2%, advised Nuvo that it successfully completed the pharmacokinetic study required by the U.S. Food and Drug Administration (FDA) in the FDA’s March 2013 Pennsaid 2% Complete Response Letter (CRL) to Mallinckrodt and that it expects to submit the study results with its response to the CRL in the third quarter of 2013 and receive a formal response from FDA six months from the date of the submission;
•    The U.S. Patent Office granted a WF10 U.S. Patent for the treatment of allergic asthma, allergic rhinitis and atopic dermatitis creating a potential commercial opportunity for the existing formulation of WF10;
•    In July 2013, the Company sold the exclusive rights to market and sell Synera in the U.S. for its current indication to Galen US Incorporated (Galen) for US$ 4.5 million received on closing, royalties of 10% of net sales and sales milestones of US$ 5.0 million upon gross annual U.S. sales reaching US$ 25.0 million and an additional US$ 5.0 million upon gross annual U.S. sales reaching US$ 50.0 million (Synera U.S. Licensing Agreement);
•    In July 2013, the Company amended its loan arrangements with Paladin Labs Inc., whereby Nuvo drew down the second $ 4.0 million loan tranche in July 2013 and may draw an additional third tranche of $ 4.0 million upon the achievement of predefined milestones;
•    The Company completed a share consolidation on the basis of 65 pre-Consolidation common shares for one post-Consolidation common share…Read more

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