The Company’s topical and transdermal drug delivery (TTDD) platform has practical application in the field of dermatology. Nuvo’s limited research in this area has been directed towards preclinical activities on a topical antifungal drug candidate intended for use in treating onychomycosis (a nail fungal infection that resides in both the nail and nail bed) .

Currently available oral treatments have the risk of significant and serious side effects such as liver, kidney and other organ toxicities and tend to be ineffective as evidenced by the high recurrence rate of the infection. Additionally, currently available topical medications are ineffective as they often cannot effectively penetrate the nail well enough to provide a cure, as the fungus typically infects both the nail and the tissue under the nail. The Company believes there is a large unmet need in this area such that a topical drug product with better efficacy compared to existing topical drugs and a better safety profile that reduces the risk of adverse events associated with oral medications would be commercially attractive.

The Company has several pending United States’ patent applications covering topical nail formulations to treat onychomycosis.