Nuvo raises $3.8 million through warrant incentive program

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    MISSISSAUGA, ON, April 8 /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 using its topical and
transdermal drug delivery technologies, today announced that 42 per cent of
eligible warrants were exercised pursuant to its warrant incentive program,
generating gross proceeds of $3.8 million.
    The warrant incentive program allowed holders to exercise their warrants
at a reduced price of $0.125 until 5:00pm ET on April 3, 2009. If a holder did
not exercise their warrants prior to 5:00pm on April 3, 2009, the warrants
will continue to be exercisable on the same terms as previously existed.
Insiders were not eligible to participate in the program.
    The warrant incentive program, which commenced on January 21, 2009,
provided incentive for the early exercise of 20,012,494 warrants (the
"November 2009 Warrants"), 3,901,898 warrants (the "June 2009 Warrants") and
50,000,000 warrants (the "July 2009 Warrants"). Each warrant allowed the
holder to purchase one Nuvo common share for the price set out therein prior
to its expiration. The November 2009 Warrants are exercisable at $0.48 until
November 16, 2009. The June 2009 Warrants are exercisable at $0.50 until June
20, 2009. The July 2009 Warrants are exercisable at $0.30 until July 13, 2009.
    The proceeds from the early exercise of these 30.7 million warrants
provide Nuvo with additional cash to fund its current business plan including
the development and commercialization of its lead product, Pennsaid(R), its
follow on product, Pennsaid Plus(R), and for general corporate purposes.

    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(R), a topical
non-steroidal anti-inflammatory drug (NSAID) used for the treatment of
osteoarthritis of the knee. 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 Company
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 the Company's Annual Information
Form for the year ended December 31, 2008. The Company 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.

For further information: about Nuvo, please contact: Adam Peeler, Media
and Investor Relations, The Equicom Group Inc., Tel: (416) 815-0700 x225,
email: apeeler@equicomgroup.com