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NicOx launches a private placement with the participation of the French FSI


NicOx SA today announces the launch of a private placement of new shares of approximately €20 to €30 million (which corresponds to a maximum of 8.5% of NicOx’s share capital), to be completed through an accelerated book-building.

The private placement will be opened to qualified investors (institutional investors), in accordance with article L.411-2 II of the French Code monétaire et financier and will not include preferential subscription rights. This financing is to support NicOx’s goal of developing itself into a fully-integrated specialty pharmaceutical company, with targeted specialty sales operations in the United States, as well as innovative internal research and development programs.

Today’s private placement is the first stage of a planned two-step capital increase. NicOx intends to launch a subsequent rights issue, which will include preferential subscription rights for existing shareholders.

“We believe this two-step capital increase will support NicOx in achieving its goal of becoming a specialty pharmaceutical company, which could participate in the future sales and marketing of naproxcinod via its own commercial infrastructure in the United States,” declared Michele Garufi, Chairman and CEO of NicOx.

“Thanks to these additional financial resources, NicOx will be able to significantly advance the launch preparations for naproxcinod, including the optimisation of the commercial supply chain. We feel honored to be one of the industrial projects selected by the FSI, a major strategic investor created by the French Government.”

NicOx submitted an NDA for naproxcinod on September 24th, seeking approval for an indication for the relief of the signs and symptoms of osteoarthritis, and plans to submit a Marketing Authorisation Application (MAA) for naproxcinod to the European Medicines Agency (EMEA) before the end of 2009. NicOx intends to use the net proceeds of this financing primarily to continue advancing pre-commercialisation activities related to naproxcinod, including the optimisation of the supply chain supporting the launch of naproxcinod and the creation of a sales and marketing platform targeting specialist physicians in the US and to develop its proprietary nitric oxide-donating pipeline.

The private placement announced today will be directed towards French and international institutional investors and will be managed by Lazard-NATIXIS and UBS Investment Bank (the ‘Joint Book-Runners’). Book-building in relation to the private placement will start immediately. The final terms of the private placement will be announced in due course. The Joint Book-Runners reserve the right to close the book-building early subject to prior notice to institutional investors. Pricing and allocations are expected to be announced as soon as practicable following the closing of the books.

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