Shares of Nuvo Research (TSX:NRI) are up today after the company announced it had reacquired the rights to market osteoarthritis knee pain treatment Pennsaid 2% in Israel, South Africa, South America and Central America.
The company says it will now seek partners to market the treatment in all areas except for Russia, Greece and Canada, where it already has arrangements in place.
“We are pleased to have reacquired these rights for key promising territories,” said CEO Dan Chicoine. “Outlicensing Pennsaid 2 per cent for these and other territories to a capable partner or partners is an important part of our plan to make Pennsaid 2 per cent a global brand.”
Founded in 1983, Mississauga-based Nuvo Research specializes in immunology treatments, including an offering targeting allergic rhinitis, and in topically delivered pain products such as Pennsaid 2%, Synera, a local dermal analgesia for superficial dermatological procedures that is delivered in the form of a patch, and Pliaglis, a topical local anaesthetic cream used in dermatological procedures.
On Monday, Nuvo announced third quarter results that were notable for the company’s success in the courtroom. Nuvo generated generated litigation settlements of $52.3 million in the quarter, including a victory over Mallinckrodt in a case involving the rights to Pennsaid and Pennsaid 2%.
At press time, shares of Nuvo Research were up 12.2% to $6.80.