Investor Relations (IR) Questions: Nuvo Research NRIFF
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Answers received: January 2013
1) When is the last time NRIFF raised cash through an offering (diluted)? The summer of 2007.
2) How much cash (not cash equivalents) does NRIFF have? At the end of the third quarter of 2012, we had $11.5M of cash. Since then we have received $6M of milestone payments from Galderma relating to the approvals of Pliaglis in EU countries. We have also incurred almost 4 months of expenses since the quarter end – see below.
3) What and approximately when is the next known catalyst? The PDUFA date for Pennsaid 2% is March 4th 2013 at which time we expect to receive an FDA response to the NDA submitted by Covidien.
4) What is NRIFF's quarterly cash burn? It varies significantly depending on product sales and the R and D activities in the particular quarter. You can refer to our cash flow statement in our quarterly financial statements (published on our website). The cash flow shows you our operational and total cash burn quarterly and year to date. We are hopeful that this will start to decrease as the year progresses as we see the launch of Pliaglis by Galderma in the EU and US, the launch of Pennsaid 2% in the US after approval and hopefully increased Synera sales.
5) Does NRIFF have an existing line of credit and if so how much can they draw against it? We do not have a line of credit. We do have a loan from Paladin Labs that was originally $4M but has been paid down somewhat. I refer you to our public disclosure for details.
1) When is the last time NRIFF raised cash through an offering (diluted)? The summer of 2007.
2) How much cash (not cash equivalents) does NRIFF have? At the end of the third quarter of 2012, we had $11.5M of cash. Since then we have received $6M of milestone payments from Galderma relating to the approvals of Pliaglis in EU countries. We have also incurred almost 4 months of expenses since the quarter end – see below.
3) What and approximately when is the next known catalyst? The PDUFA date for Pennsaid 2% is March 4th 2013 at which time we expect to receive an FDA response to the NDA submitted by Covidien.
4) What is NRIFF's quarterly cash burn? It varies significantly depending on product sales and the R and D activities in the particular quarter. You can refer to our cash flow statement in our quarterly financial statements (published on our website). The cash flow shows you our operational and total cash burn quarterly and year to date. We are hopeful that this will start to decrease as the year progresses as we see the launch of Pliaglis by Galderma in the EU and US, the launch of Pennsaid 2% in the US after approval and hopefully increased Synera sales.
5) Does NRIFF have an existing line of credit and if so how much can they draw against it? We do not have a line of credit. We do have a loan from Paladin Labs that was originally $4M but has been paid down somewhat. I refer you to our public disclosure for details.