Nuvo Research subsidiary signs collaboration agreement with Fortune Global 500 company
November 25, 2008
MISSISSAUGA, ON, Nov. 25 /CNW/ - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products delivered to and through the skin, today announced that fqubed, Inc., its San Diego-based research and development subsidiary, has signed a research and development collaboration agreement with a Fortune Global 500 company that develops and markets skin care products. Financial details of the agreement were not disclosed. "The fqubed technologies have valuable applications beyond our primary focus on pharmaceutical products delivered to and through the skin," said Dan Chicoine, Nuvo's Chairman. "Collaboration agreements such as this allow us to leverage the power of our transdermal screening and high throughput formulation development platforms in complementary areas, and to improve our research capabilities so that we can more effectively develop our own topical drug pipeline." Under the collaboration, fqubed will expand the scope of its TEMPEST™ high throughput experimentation (HTE) platform to evaluate potential formulations for its partner's product portfolio. TEMPEST™ is currently used to screen the impact that formulation variations have on the penetration of a drug molecule through skin. TEMPEST™ offers testing throughput significantly higher than conventional equipment thereby increasing the likelihood of new discoveries. "Collaborations with leading third parties validate fqubed's HTE technology leadership position," added John M. Newsam, fqubed's President and Managing Director. "They also allow us to broaden and strengthen our proprietary HTE platforms with input from groups that have extensive and complementary experience with skin-applied products." Nuvo acquired fqubed in 2005 to increase its ability to develop novel drug products for delivery to or through the skin. The Nuvo subsidiary has discovered molecular penetration enhancer (MPE™) systems suitable for enhancing drug delivery and is advancing a portfolio of prospective new topical pain products. About Nuvo Research Inc. Nuvo is 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 (NSAID) used for the treatment of osteoarthritis. Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of topical and transdermal products targeting a variety of indications. Nuvo Research Inc. 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. 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. The Companies consider 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 the future events, many of which are beyond the control of the Companies and their subsidiaries, 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 reports, as well as in the Companies' Annual Information Forms for the year ended December 31, 2007. The Companies disclaim any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Companies' ongoing quarterly filings, annual reports and Annual Information Forms and other filings found on SEDAR at www.sedar.com.
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For further information: Adam Peeler, Media and Investor Relations, The Equicom Group Inc., Tel: (416) 815-0700 x225, email: [email protected]