MISSISSAUGA, ON, May 7, 2013 /PRNewswire/ - Nuvo Research Inc. (TSX: NRI) (the "Company" or "Nuvo"), a specialty pharmaceutical company dedicated to building a portfolio of products for the topical treatment of pain and the development of its immune modulating drug candidate WF10, today announced that it will proceed with its proposed share consolidation (the "Consolidation"), as approved by the shareholders of Nuvo at the annual and special meeting held on May 15, 2012, on the basis of 65 pre-Consolidation common shares for one (1) post-Consolidation common share.
The Company expects that the Consolidation will reduce the number of outstanding common shares from approximately 568.5 million to approximately 8.7 million. Nuvo will not change its name as part of the Consolidation, but will issue new share certificates under a new CUSIP number, which is 67072X505. The Company has received conditional approval from the Toronto Stock Exchange (the "TSX") to effect the Consolidation and subject to final confirmation by the TSX, it is expected that the post-Consolidation common shares will begin trading on the TSX at the opening of markets on or about May 9, 2013. The post-Consolidation common shares will continue to trade on the TSX under the symbol "NRI".
"This share consolidation allows Nuvo to attract both U.S. and Canadian institutional investors that avoid penny stock investments and improves our capital structure," said Stephen Lemieux, Nuvo's Vice-President and Chief Financial Officer. "It will also allow Nuvo to continue its capital market strategy of listing its shares on a U.S. based stock exchange in the future."
Letters of transmittal with respect to the Consolidation will be mailed out to all registered shareholders by the Company's transfer agent, Canadian Stock Transfer Company Inc. ("CST"). The letter of transmittal describes the process by which shareholders may obtain new share certificates representing their post-Consolidation common shares and all registered shareholders will be required to send their share certificates representing pre-Consolidation common shares with a properly executed letter of transmittal to CST, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name will not need to complete a letter of transmittal.
About Nuvo Research Inc.
Nuvo is a publicly traded, Canadian specialty pharmaceutical company, headquartered in Mississauga, Ontario. The Company is building a portfolio of products for the treatment of pain through internal research and development. The Company's product portfolio includes Pennsaid®, Pliaglis® and Synera®. Pennsaid, a topical nonsteroidal anti-inflammatory drug (NSAID), is used to treat the signs and symptoms of osteoarthritis of the knee(s). Pennsaid is sold in the United States by Mallinckrodt Inc., a Covidien company, in Canada by Paladin Labs Inc. and in several European countries. Pliaglis is a topical local anesthetic cream which provides topical local analgesia for superficial dermatological procedures. The Company has licensed worldwide marketing rights to Pliaglis to Galderma Pharma S.A., a global pharmaceutical company specialized in dermatology. Synera is a topical patch that combines lidocaine, tetracaine and heat, approved in the United States to provide local dermal analgesia for superficial venous access and superficial dermatological procedures and in Europe, for surface anaesthesia of normal intact skin. Nuvo currently markets Synera in the United States and its licensing partner, Eurocept International B.V., has initiated a pan-European launch of Synera (under the name Rapydan®) in several European countries. The Company is also developing WF10, for the treatment of immune related diseases.
Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements concerning the Company's future objectives, strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the need for additional financing, the current economic environment, dependence on sales and marketing partnerships, competitive developments, as well as other risk factors included in the Company's annual information form dated March 27, 2013 under the heading "Risks Factors" and as described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. This list is not exhaustive of the factors that may impact the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this news release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this news release. All forward-looking statements in this news release are qualified by these cautionary statements. The forward-looking statements contained herein are made as of the date of this news release and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Nuvo Research Inc.