MISSISSAUGA, ON, July 26, 2012 /PRNewswire/ - Nuvo Research Inc. (TSX: NRI), a
specialty pharmaceutical company dedicated to building a portfolio of
products for the topical treatment of pain and its immune modulating
drug WF10 today announced that the Development Bank of Saxony (SAB) in
Germany has agreed to provide Nuvo with up to 4.4 million of funding
for the further development of its improved reformulated version of
WF10 (Reformulated WF10).
The funding will take the form of a non-repayable reimbursement of
specific development monies expended by Nuvo until July 2014. The SAB
funding will be used to support CMC activities, "in vitro" experiments
and a number of preclinical studies relating to Reformulated WF10 for
which Nuvo filed a US provisional patent in December 2011. These
studies are being conducted by Nuvo in partnership with the University
of Leipzig and the Fraunhofer Institute for Cell Therapy and Immunology
(IZI) in Leipzig. The total cost of this development program is
estimated to be 6.3 million and the SAB committed to provide up to
4.4 million in funding to support these projects. Nuvo will have
certain contractual obligations to the SAB including the obligation to
provide matching funding from its own resources of 1.9 million over
the two year period ending in July 2014. Nuvo will own or have
exclusive global rights to commercially exploit all WF10 related
intellectual property that comes from the funded projects.
In the fall of 2009, the SAB committed to provide funding over a
three-year period of approximately 2.2 million for two WF10
development projects. With the most recent commitment from the SAB,
the total funding is approximately 6.6 million towards a 10.8 million
"We are thrilled to expand our existing partnership with the SAB, the
University of Leipzig and the Fraunhofer Institute by securing SAB
funding that will allow us to continue with the development of WF10,"
said Dr. Henrich Guntermann, President of Nuvo's Immunology Group.
"WF10 is an extremely exciting compound with the potential to treat a
broad range of medical conditions. We are pleased that the SAB
recognizes WF10's potential and has chosen to partner with Nuvo."
Nuvo believes that WF10 has the potential to treat a wide range of
medical conditions including auto immune disorders. In 2010, Nuvo
announced that its European Phase 2 clinical trial evaluating WF10 as a
treatment for severe allergic rhinitis met its primary and secondary
end points with a p-value of less than 0.001.
About the Development Bank of Saxony
The SAB, funded by the European Union and the Free State of Saxony, is a
stand-alone development bank, with no commercial banking activities.
Its business lines are recognized by the European Commission as purely
development-oriented. They support both general and highly specific
economic and social development initiatives. Working closely together
with Saxony's state government, banks and savings banks, as well as the
KfW banking group, the primary objective of SAB is to develop
commercial foundations and general infrastructure; thereby securing and
improving living conditions throughout Saxony as a whole.
The immune system provides an essential defense to microorganisms,
cancer and substances it sees as foreign and potentially harmful. WF10
focuses on supporting the immune system by targeting the macrophage, a
type of white blood cell that coordinates much of the immune system, to
regulate normal immune function. In conditions such as allergic
rhinitis, the body's immune system inappropriately responds to the
presence of foreign allergens. Research suggests that in some cases,
WF10 may rebalance improperly functioning immune systems.
About Nuvo Research Inc.
Nuvo Research is a publicly traded, Canadian specialty pharmaceutical
company, headquartered in Mississauga, Ontario. The Company is
building a portfolio of products for the treatment of pain through
internal research and development and by in-licensing and acquisition.
The Company's product portfolio includes Pennsaid®, Pliaglis® and Synera®. Pennsaid, a topical nonsteroidal anti-inflammatory drug (NSAID), is
used to treat the signs and symptoms of osteoarthritis of the knee(s).
Pennsaid is sold in the United States by Mallinckrodt Inc., the
Pharmaceuticals business of Covidien, in Canada by Paladin Labs Inc.
and in several European countries. Pliaglis is a topical local
anesthetic cream which provides topical local analgesia for superficial
dermatological procedures. The Company has licensed worldwide
marketing rights to Pliaglis to Galderma Pharma S.A., a global company
dedicated to dermatology. Synera is a topical patch that combines
lidocaine, tetracaine and heat, approved in the United States to
provide local dermal analgesia for superficial venous access and
superficial dermatological procedures and in Europe, for surface
anaesthesia of normal intact skin. Nuvo currently markets Synera in
the United States and its licensing partner, EuroCept International
B.V., has initiated a pan-European launch of Synera (under the name
Rapydan®) in several European countries. The Company is also developing the
compound WF10, for the treatment of immune related diseases.
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 Company's Annual Report, as
well as in Nuvo's Annual Information Form for the year ended December
31, 2011. Nuvo disclaims any intention or obligation to update or
revise any forward-looking statements, whether as 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.
SOURCE Nuvo Research Inc.