Nuvo Pharmaceuticals Inc NRIFF

RE:RE:RE:WF10 Breakthrough technology in many ways

[geos571]

This is an old article but I beleive NRI owns full development and rights to WF10

Nuvo Research to increase ownership in Nuvo Research AG to 100 percent

MISSISSAUGA, ON, Dec. 5, 2011 /CNW/ - Nuvo Research Inc. (TSX: NRI), 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 it has entered into a binding agreement with Dr. Friedrich-Wilhelm Kuehne to acquire his 40% minority interest in Nuvo Research AG (AG).  Upon completion of the transaction, which is expected to close in early December, Nuvo Research Inc. (Nuvo) will own 100% of the outstanding shares of AG.  AG owns all of the rights, including intellectual property rights, to WF10 and a manufacturing facility located in Wanzleben, Germany. As consideration for the sale of his AG shares, Dr. Kuehne will receive:

• 30.3 million Nuvo shares representing an agreed price of US $1.7 million; and,
• 1.6 million Nuvo shares representing repayment of a loan from Dr. Kuehne to AG in the amount of 68,000 euros

Dr. Kuehne will retain his right to receive 6% of monies received by Nuvo from the out-licensing of WF10 and will also receive 6% of monies received by Nuvo when it sells its interest in AG. Dr. Kuehne will enter into a 5-year consulting agreement with Nuvo under which he will continue to provide scientific advice and guidance respecting the continued development of WF10.

"Our increased investment in WF10 underscores our belief in its potential," stated John London, Nuvo's President and Co-CEO.  "Full ownership of AG will improve our flexibility in managing all aspects of WF10 including future development and financing."

Read more at https://www.stockhouse.com/companies/bullboard/t.nri/nuvo-research-inc#rJrxTKCRhssT2oOe.99