Mississauga, Ontario, Canada – September 1, 2009 - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products that are delivered to and through the skin using its topical and transdermal drug delivery technologies, and on the development of its immune modulating drug candidate WF10, today announced a co-operative drug development project with the Fraunhofer Institute for Cell Therapy and Immunology IZI in Leipzig, Germany for the preclinical and clinical development of WF10 as a potential treatment for Allergic Rhinitis.
The Development Bank of Saxony in Germany (“SAB”) announced in late August that it will provide financial support for this co-operative project that will be conducted in Leipzig, Germany through Nuvo Research GmbH, a Nuvo subsidiary. Discussions are ongoing with SAB about expanding its financial support to include preclinical and clinical development of WF10 as a potential treatment for Rheumatoid Arthritis.
“Teaming up with exceptional partners like the Fraunhofer Institute and the Development Bank of Saxony should accelerate WF10’s preclinical and clinical development,” said Henrich Guntermann, President and Chief Executive Officer of Nuvo Research. “This partnership provides Nuvo with financial support that will allow us to more effectively deploy our own resources to develop WF10 as a needed treatment for patients who suffer from allergies and related asthma.”
About WF10
The immune system provides an essential defense to micro organisms, 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 is primarily focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies. Nuvo’s lead product is Pennsaid, a topical non-steroidal anti-inflammatory drug (NSAID). Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of topical and transdermal products targeting a variety of indications.
Nuvo is a publicly traded, Canadian pharmaceutical company headquartered in Mississauga, Ontario, with manufacturing facilities in Varennes, Québec and Wanzleben, Germany, and a research and development center in San Diego, California. For more information, please visit www.nuvoresearch.com.
About Fraunhofer Institute
The Fraunhofer Institute for Cell Therapy and Immunology IZI is a member of the Fraunhofer Group for Life Sciences. Its objective is to find solutions for specific problems at the interfaces of medicine, life sciences and engineering. It supports partners active in medicine-related industries and businesses.
About Development Bank of Saxony
SAB is the hub at the center of the many activities that traditionally comprise regional development in Saxony, a federal state that enjoys a unique position in both Germany and Central Europe.
SAB 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.
SAB also advises clients on supplementary development aid available from the German federal government, European Union and other sources, assisting them in making their applications or developing tailor-made solutions that bundle together resources from multiple providers. SAB acts as a single specialized point of contact for individuals, entrepreneurs, researchers, associations, local authorities and other institutions and organizations operating or planning to operate in Saxony.
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, 2008. 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
