Nuvo Research (T.NRI) hit a new 52-week high of 44 cents; Nuvo today announced that it has entered into a license and development agreement with Mallinckrodt Inc., a subsidiary of Covidien, a leading global provider of health-care products, granting it exclusive rights to market and sell Pennsaid(R), and its follow-on product, Pennsaid Plus(R), in the United States. Under the terms of the license and development agreement, Nuvo will receive an up-front, non-refundable payment of $10 million U.S.
In addition, Nuvo is eligible to receive a $15-million U.S. milestone payment on Pennsaid's approval by the FDA, which will increase to $20 million U.S. if certain labeling criteria are agreed to by the FDA. Nuvo will receive royalties on net U.S. sales of Pennsaid and Pennsaid Plus at rates that are consistent with industry standards for products at similar stages of development. Nuvo will be eligible to receive additional escalating sales milestone payments for the products totaling up to $100 million U.S.
Orezone Gold (T.ORE) hit a new 52-week high of 69 cents; no major news announcements today
Newfoundland Capital Corporation (T.NCC.A) hit a new 52-week high of $21.50; no major news announcements today
Allied Nevada Gold (T.ANV) hit a new 52-week high of $9.99; no major news announcements today
Ventana Gold (T.VEN) hit a new 52-week high of $6.30; no major news announcements today
