Nuvo Research Inc. and Paladin Labs Inc. announced that they have completed their loan agreement. Details of the amended loan agreement were previously announced last June 17.

Under the terms of the amended loan agreement, Nuvo drew a second loan tranche worth US$4.0 million. This brought the total outstanding loan balance to US$5.9 million, with an interest of 15 per annum.

The loan would be used to carry out Nuvo's business plans until 2014, said Stephen Lemieux, Nuvo's Vice-President and CFO. This included the completion of its WF10 Phase 2 study.

Meanwhile, Paladin issued warrants that would expire on July 10, 2016. The warrants would be used for the acquisition of 50,000 common shares of Nuvo. The shares were priced at US$1.82 per share, representing 130% of the five-day weighted average trading price.

Nuvo Research Inc., a specialty pharmaceutical company, was dedicated to creating products to topically treat pain and developing WF10, the company's immune modulating drug candidate. Paladin Labs Inc., a specialty pharmaceutical company, focused on offering the Canadian market with innovative pharmaceutical products.