* 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)