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Gold/Mining/Energy : Nuvo Research Inc -- Ignore unavailable to you. Want to Upgrade?

To: E. T. who wrote (8042)	11/19/2001 12:14:31 PM
From: Montana Wildhack	Read Replies (1) \| Respond to of 14101

NEW PRESIDENTS MESSAGE dimethaid.com As we approach the end of our second fiscal quarter, I would like to take the opportunity to bring you up to date on where we stand on some important milestones, and our expectations for the Company in the second half of Fiscal 2002. We have received word from the US Food and Drug Administration (FDA) of a scheduled inspection of our manufacturing facility, located east of Montreal in Varennes, Québec. This inspection, scheduled in the next few weeks, will determine the acceptability of this facility to produce PENNSAID® for the US Market. As previously noted, in accordance with policy, we are not in a position to comment on our status with any regulatory agency until the decision-making processes have been completed. To date, we have received net proceeds of approximately $7.2 million from our private placement agreement with Acqua Wellington North American Equities Fund. This agreement provides us with equity financing of up to $50 million, and we have been drawing conservatively, to support the scale up of our manufacturing facility in order to supply PENNSAID® to a number of markets and for the preparation of its North American and European launch. In Canada, in anticipation of the approval of PENNSAID®, our sales and marketing departments are now fully staffed and trained, and we are completing our advertising campaign, training manuals and physician detail aids. We intend to market and distribute PENNSAID® in Canada utilizing our internal resources, which will complete another corporate milestone towards our goal of being a fully integrated pharmaceutical company. In addition, we have filled a number of internal management positions in other departments, to ensure that we are fully staffed with experienced management personnel to enable us to continue our progress. In the European Union, we have had ongoing negotiations with potential distribution partner(s) for Austria, Finland, Italy and Luxembourg, while direct meetings with the remaining countries within the EU remains our strategy. In the UK, Provalis is meeting its commitment to our PENNSAID® launch, with its expanded sales force, and significant investment in sales and marketing, contributing to sales of approximately 100,000 Pounds in the first three months after launch, and Provalis is looking forward to PENNSAID®'s first full year of sales. The due diligence of Oxo Chemie AG is almost completed, and we expect Oxo to have the final results of the Phase III study with WF10 in late stage AIDS announced as soon as the data is compiled. Our 2001 Annual General Meeting was held on Tuesday, October 30, 2001 and once again attracted in excess of 300 shareholders and visitors. I now invite you to browse the rest of our website. Please note that there is a place where you can sign up for e-mail notification of future announcements and website updates.