NUVO RESEARCH U.S. AWARDED US$1.3 MILLION IN RESEARCH GRANTS
SAN DIEGO, Nov. 10 /CNW/ - Nuvo Research U.S. (formerly fqubed, Inc.), a subsidiary of Nuvo Research Inc. (TSX: NRI), today announced that it has been awarded grants totaling approximately US$1.3 million under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program.
The grants were awarded for 2009 and 2010 research programs relating to topical and transdermal formulations being developed by the Company's research scientists.
"These research grants recognize our capability to create innovative topical and transdermal formulations that have the potential to have a significant impact on patient care and to become part of our product development pipeline," said Dan Chicoine, Chairman and Co-Chief Executive Officer of Nuvo. "These important grants validate our leading-edge research in topical and transdermal drug delivery."
The QTDP program is targeted towards projects that show potential to produce new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce long-term health care costs in the United States or significantly advance the goal of curing cancer within the next 30 years. The research grants were awarded following a competitive review of thousands of applications. As part of the review process for research projects, the Department of Health and Human Services evaluates each project and only projects that show a reasonable potential to meet these goals are certified as eligible for the grant.
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 Canada, the United States and several European countries. Pennsaid was approved for marketing in the U.S. by the United States Food and Drug Administration on November 4, 2009 and is being sold throughout the United States by Nuvo's licensing partner, Mallinckrodt Inc., a Covidien (NYSE: COV) company. Nuvo intends to create a portfolio of products through internal research and development and by in-licensing and acquisition. Nuvo is a publicly traded, Canadian pharmaceutical company headquartered in Mississauga, Ontario. Nuvo's Pain Group is located in West Chester, Pennsylvania. Its manufacturing facilities are located in Varennes, Québec and Wanzleben, Germany, and its research and development centers are located in San Diego, California and Leipzig, Germany. For more information, please visit www.nuvoresearch.com
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 December 31, 2009. Nuvo disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information or future events, except as required by law. For additional information on risks and uncertainties relating to these forward looking statements, investors should consult the Company's ongoing quarterly filings, annual report and Annual Information Form and other filings found on SEDAR at www.sedar.com
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