June 30, 2011 / 11:41 AM / 9 years ago

UPDATE 1-Nuvo Research's osteoarthritis drug meets trial goal

* Says the drug reduced OA pain greater than a placebo

* Says adverse side effect was application site dryness (Follows alerts)

June 30 (Reuters) - Canada’s Nuvo Research said the osteoarthritis drug it develops with a Covidien unit, met the main goal of a mid-stage trial.

The specialty pharmaceutical company, which develops Pennsaid Viscous Solution with Mallinckrodt Inc, said the drug was more effective than a placebo in reducing osteoarthritis pain.

Pennsaid is a non-steroidal anti-inflammatory drug used for the treatment of the signs and symptoms of osteoarthritis of the knee.

About 27 million adults suffer from osteoarthritis in the United States.

Mississauga, Ontario-based Nuvo said the most common adverse effect of the drug was application site dryness.

Shares of the company closed at C$0.075 on the Toronto Stock Exchange. (Reporting by Kavyanjali Kaushik in Bangalore; Editing by Don Sebastian)

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