Nuvo Research announces 2013 second quarter results

barbara.lempert

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, .
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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