Nuvo Research announces organizational changes
MISSISSAUGA, ON, Dec. 1 /PRNewswire-FirstCall/ - 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 organizational changes to more effectively execute the expansion and development of its drug candidate pipeline.
As a result of the recent U.S. Food and Drug Administration approval of Pennsaid(R) Topical Solution, Nuvo is making the following changes to reorganize its leadership team to better position the Company for future growth.
Dr. Henrich Guntermann, who was instrumental in leading the Pennsaid development activities as Nuvo's President and CEO, will now concentrate on the development and commercialization of WF10, Nuvo's autoimmune drug platform. Dr. Guntermann will also oversee Nuvo's European operations and commercialization opportunities for the Company's products in Europe and Asia. In his newly created position of President, Europe and Autoimmune Group, Dr. Guntermann will be based in Germany and will continue to serve as a member of the Nuvo Board of Directors.
Effective today, John London, Nuvo's current Vice-Chairman, will assume the position of President and Co-Chief Executive Officer. Dan Chicoine, in addition to maintaining his current role as Chairman of the Company's Board of Directors will serve as Co-Chief Executive Officer.
Dr. Bradley Galer, currently Vice President and General Manager of the Company's Pain Group, will assume the position of President, Pain Group, and will be based in the United States. Under Dr. Galer's leadership, Nuvo's Pain Group will support the launch of Pennsaid in the United States in the first half of 2010 by Nuvo's marketing partner, Covidien (COV), and assume full responsibility for the development of Nuvo's novel early stage pain product candidates.
"The approval to market Pennsaid in the United States has provided Nuvo with the necessary resources to expand our commercial and drug development activities," said Dan Chicoine, Co-CEO of Nuvo. "The changes announced today support our goal of becoming a diversified, profitable drug development company."
Nuvo's Canadian head office personnel will focus primarily on commercial activities required to support the two drug development groups headed by Dr. Guntermann and Dr. Galer. Strategic planning, financing, investor relations, intellectual property, financial reporting and other corporate development activities will also be centralized at the head office.
As Co-CEOs, Dan Chicoine and John London will assume joint responsibility for the overall leadership, vision and direction of the Corporation. Dan Chicoine will retain responsibility for corporate development activities, corporate communication strategy and interfacing with the Board of Directors. John London will continue to oversee activities for legal, corporate governance, intellectual property, human resources and investor relations. Finance, risk management, planning, information technology and manufacturing will continue to be the responsibility of Jim Moulds, Nuvo's Vice President, Finance and CFO.
About Pennsaid and Pennsaid Plus
Pennsaid, Nuvo's lead product, combines a transdermal carrier (containing dimethyl sulfoxide, popularly known as "DMSO") with diclofenac sodium, a leading non-steroidal anti-inflammatory drug ("NSAID"), and delivers the active drug through the skin directly to the site of pain. Nuvo has signed a license agreement with Covidien for the marketing rights to Pennsaid in the U.S. Nuvo received approval from the U.S. FDA to market Pennsaid on November 4, 2009. Pennsaid is currently sold in Canada and several European countries. Pennsaid Plus is the follow-on product candidate to Pennsaid. Pennsaid Plus will feature a twice-daily dosing regime as a gel formulation.
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. 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, 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 currently sold in Canada and several European countries. Pennsaid was approved for marketing in the U.S. by the FDA on November 4, 2009. The commercial launch of Pennsaid in the U.S. by Nuvo's licensee, Covidien (COV), is scheduled for the first half of 2010. 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, Quebec and Wanzleben, Germany, and research and development centers in San Diego, California and Leipzig, Germany. For more information, please visit www.nuvoresearch.com.
About Covidien
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2008 revenue of $10 billion, Covidien has more than 41,000 employees worldwide in 59 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
Forward-Looking Statements
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 atwww.sedar.com