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NicOx S.A. (Euronext Paris: COX) today reported financial results for the nine months ended September 30, 2010 and announced further details of a restructuring of its activities, which is expected to lead to a significant reduction in cash burn for 2011.
Michele Garufi, CEO of NicOx, said: “In the last three months we have continued working on the registration process for naproxcinod in Europe and discussing with potential commercial partners in this market.
“We are also pleased with the progress made on the development projects with our partners Merck, Ferrer and Bausch + Lomb and at the same time we continue to pursue synergistic M&A opportunities that will support our growth strategy.
“Moreover, following receipt of the FDA’s Complete Response Letter for naproxcinod in July, we are implementing a number of measures to contain our costs and carefully target our activities.
“We very much regret that the necessary change of focus will affect a number of our employees and I would like to personally thank all of them for their hard work and the significant milestones they have contributed to over the past few years.”