* Says drug reduced osteoarthritis pain greater than a placebo
* Says adverse side effect was application site dryness
* Shares up 13 percent (Updates share movement)
June 30 (Reuters) - Canada’s Nuvo Research said the osteoarthritis drug it is developing with a Covidien unit, met the main goal of a mid-stage trial, sending the specialty pharmaceutical company’s shares up 13 percent.
Nuvo Research -- which is developing the Pennsaid Viscous Solution with Mallinckrodt Inc, a Covidien company, 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 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 were trading up 13 percent at 8.5 Canadian cents on the Toronto Stock Exchange. (Reporting by Kavyanjali Kaushik in Bangalore; Editing by Don Sebastian and Sriraj Kalluvila)