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Last C$5.80 CAD
Change Today -0.12 / -2.03%
Volume 106.0K
As of 4:19 PM 05/27/15 All times are local (Market data is delayed by at least 15 minutes).

nuvo research inc (NRI) Snapshot

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01/29/15 - C$10.38
52 Week Low
05/28/14 - C$2.50
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nuvo research inc (NRI) Details

Nuvo Research Inc., a specialty pharmaceutical company, researches, develops, and commercializes pharmaceutical products in Europe, Asia, and South America. The company has four commercialized products; a pipeline of topical and transdermal products focusing on various therapeutic areas, including pain and dermatology; and multiple drug delivery platforms that support the development of patented formulations that can deliver actives into or through the skin. Its topical pain products include Pennsaid, a non-steroidal anti-inflammatory drug that is used for the treatment of the pain of knee osteoarthritis; Pennsaid 2%, a follow-on product to Pennsaid for the treatment of pain of knee osteoarthritis; and Pliaglis, a topical local anaesthetic cream, which provides local dermal anaesthesia on intact skin prior to superficial dermatological procedures, such as dermal filler injection, pulsed dye laser therapy, facial laser resurfacing, and laser-assisted tattoo removal, as well as heated lidocaine/tetracaine patch, a topical patch that provides local dermal analgesia for superficial venous access and superficial dermatological procedures. The company’s immunology products comprise WF10, an immune system modulating drug containing chlorite and chlorate ions; and Oxoferin, a topical wound healing agent containing the active ingredient in WF10 at a lower concentration. The company was formerly known as Dimethaid Research Inc. and changed its name to Nuvo Research Inc. in September 2005. The company was founded in 1983 and is based in Mississauga, Canada.

69 Employees
Last Reported Date: 05/12/15
Founded in 1983

nuvo research inc (NRI) Top Compensated Officers

Co-Chief Executive Officer, President and Dir...
Total Annual Compensation: C$190.9K
Chairman and Co-Chief Executive Officer
Total Annual Compensation: C$190.9K
Chief Financial Officer and Vice President
Total Annual Compensation: C$260.0K
Director and President of Europe & Immunology...
Total Annual Compensation: C$343.8K
Vice President, General Counsel and Corporate...
Total Annual Compensation: C$245.0K
Compensation as of Fiscal Year 2014.

nuvo research inc (NRI) Key Developments

Nuvo Research Inc. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Nuvo Research Inc. announced consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of CAD 4.5 million compared to CAD 2.8 million a year ago. Net loss was CAD 0.3 million or CAD 0.03 per basic and diluted share compared to CAD 2.7 million or CAD 0.31 per basic and diluted share a year ago. The increase in revenue was primarily related to higher Pennsaid 2% product sales to Horizon plc (Horizon) in the U.S. market to support their launch of Pennsaid 2%, combined with increased Pennsaid product sales to distributor in Greece. The improvement in net loss in the current period was attributable to higher Pennsaid and Pennsaid 2% product revenue and a decrease in operating expenses in the current period, offset by lower royalty revenues.  Cash used in operating activities was CAD 1.7 million for the three months ended March 31, 2015 compared to CAD 0.9 million for the three months ended March 31, 2014.  In the quarter, the company used CAD 0.2 million of cash in its operations and invested CAD 1.4 million in non-cash working capital.

Nuvo Research Inc. Announces New WF10™ Phase 2 Trial

Nuvo Research Inc. announced additional details of its new Phase 2 clinical trial (the 2015 WF10 Trial) to assess WF10 for the treatment of allergic rhinitis. The 2015 WF10 Trial will be a randomized, double-blind, placebo-controlled, single-center trial to assess the efficacy, safety and tolerability of a regimen of five WF10 infusions. The trial will enroll patients who have a moderate to severe allergy to grass and ragweed pollen. Patients' symptoms will be recorded prior to commencement of the grass allergy season in an Environmental Exposure Chamber (EEC), in the field throughout the grass and ragweed allergy seasons and again in the EEC after completion of the ragweed season. The 2015 WF10 Trial is expected to enroll approximately 146 patients and to be completed with topline results available in late fourth quarter 2015 or early first quarter 2016. The trial will be conducted in southern Ontario, Canada by Inflamax Research Inc. Nuvo's external costs of conducting the trial will be approximately CAD 5.0 million. Commencement of the 2015 WF10 Trial is subject to regulatory approval by Health Canada. If the 2015 WF10 Trial is successful, the Company plans to continue WF10 development in an independently financed entity that will include the participation of Nuvo shareholders. While Nuvo's management is optimistic that the 2015 WF10 Trial will generate positive results, should the trial be unsuccessful, the Company plans to discontinue WF10 development. The Company has taken steps to curtail spending on a number of WF10 projects and studies planned for 2015 until results of the 2015 WF10 Trial are available.

Nuvo Research Plans Acquisitions

Nuvo Research Inc. (OTCPK:NRIF.F) plans to make acquisitions and has retained Bloom Burton & Co. Inc. for the purpose. The company stated: “After examining alternative structures and transactions internally, and with the assistance of outside consultants, the Company has determined that it should work towards spinning out WF10-related assets into a separate research and development (R&D) focused entity and transition Nuvo from a biotech company concentrated mainly on drug development into a more diversified, profitable, cash flow positive business. To achieve this objective, the Company plans to: Seek to acquire new products or businesses with a focus on those that can become accretive to Nuvo's profitability and cash flow. A process to identify and review opportunities has been commenced with the assistance of the Toronto-based, healthcare specialized investment bank, Bloom Burton & Co.; Maximize the value of the Pennsaid 2% franchise by out licensing its rights for available international territories; and Curtail R&D expenses. Beyond 2015, R&D expenditures will be reduced and limited chiefly to projects for which partners fund clinical trial costs.”


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