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Nuvo Research U.S. Awarded US$1.3 Million in Research Grants

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Nuvo Research U.S. has announced that it has been awarded grants totaling approximately US$1.3 million under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program.

The grants were awarded for 2009 and 2010 research programs relating to topical and transdermal formulations being developed by the Company’s research scientists.

“These research grants recognize our capability to create innovative topical and transdermal formulations that have the potential to have a significant impact on patient care and to become part of our product development pipeline,” said Dan Chicoine, Chairman and Co-Chief Executive Officer of Nuvo. “These important grants validate our leading-edge research in topical and transdermal drug delivery.”

The QTDP program is targeted towards projects that show potential to produce new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce long-term health care costs in the United States or significantly advance the goal of curing cancer within the next 30 years. The research grants were awarded following a competitive review of thousands of applications.

As part of the review process for research projects, the Department of Health and Human Services evaluates each project and only projects that show a reasonable potential to meet these goals are certified as eligible for the grant.