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Published on 31 July 2012

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NicOx releases first half 2012 results

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NicOx S.A. (NYSE Euronext Paris: COX) today reports financial results for the six months ended June 30, 2012, and provided an update on its activities.

Key highlights for the first half of 2012

  • Worldwide in-licensing agreement with RPS® for innovative diagnostic tests in the ocular field, including AdenoPlus(TM)  
  •   Management team strengthened with the appointments of Jerry St. Peter in the United States and Philippe Masquida in Europe
  •  Positive phase 2b results observed with glaucoma candidate BOL-303259-X; Bausch + Lomb to move compound into phase 3 development program 
  • 11.8% investment in Altacor, a privately-held ophthalmology company based in the United Kingdom 

During the first six months of 2012, NicOx made significant progress in delivering its strategy of becoming an international, late-stage development and commercial ophthalmology player,” said Michele Garufi, Chairman and CEO of NicOx.We achieved the first step through the acquisition of worldwide rights to a promising portfolio of ocular diagnostic products from RPS®. We expect to launch AdenoPlus(TM), our first commercially available product, by the end of 2012 under the leadership of Jerry St. Peter in the US and Philippe Masquida in Europe. Discussions are advancing to further expand our product portfolio in the US and in Europe through further acquisitions and in-licensing.

Eric Castaldi, Chief Financial Officer of NicOx, added: “We are investing in creating small, specialist sales teams in the US and Europe to commercialise the recently in-licensed AdenoPlus(TM) diagnostic test. As of June 30, 2012, the Company had cash and cash equivalents of more than €88 million, putting us in a good position to continue to invest in targeted commercial and late-stage opportunities in ophthalmology.

 

Financial summary

Revenues were €7.5 million in the first half of 2012, compared to zero for the corresponding period of 2011. This reflects a one-off $10 million milestone payment (corresponding to €7.5 million) received from Bausch + Lomb in April 2012, following its decision to continue the development of BOL-303259-X.

Research and development costs and administrative and selling costs were €8.1 million in the first half of 2012, compared to €8.8 million in the first half of 2011.

NicOx recorded a total net loss of €0.4 million in the first half of 2012, compared to a net loss of €7.8 million for the same period in 2011. On June 30, 2012, the Group had cash and cash equivalents totaling €88.5 million, compared to €93.1 million on December 31, 2011.NicOx S.A. (NYSE Euronext Paris: COX) today reports financial results for the six months ended June 30, 2012, and provided an update on its activities.

Key highlights for the first half of 2012

 

  • Worldwide in-licensing agreement with RPS® for innovative diagnostic tests in the ocular field, including AdenoPlus(TM)  
  • Management team strengthened with the appointments of Jerry St. Peter in the United States and Philippe Masquida in Europe
  • Positive phase 2b results observed with glaucoma candidate BOL-303259-X; Bausch + Lomb to move compound into phase 3 development program 
  • 11.8% investment in Altacor, a privately-held ophthalmology company based in the United Kingdom 

During the first six months of 2012, NicOx made significant progress in delivering its strategy of becoming an international, late-stage development and commercial ophthalmology player,” said Michele Garufi, Chairman and CEO of NicOx.We achieved the first step through the acquisition of worldwide rights to a promising portfolio of ocular diagnostic products from RPS®. We expect to launch AdenoPlus(TM), our first commercially available product, by the end of 2012 under the leadership of Jerry St. Peter in the US and Philippe Masquida in Europe. Discussions are advancing to further expand our product portfolio in the US and in Europe through further acquisitions and in-licensing.

Eric Castaldi, Chief Financial Officer of NicOx, added: “We are investing in creating small, specialist sales teams in the US and Europe to commercialise the recently in-licensed AdenoPlus(TM) diagnostic test. As of June 30, 2012, the Company had cash and cash equivalents of more than €88 million, putting us in a good position to continue to invest in targeted commercial and late-stage opportunities in ophthalmology.

 

Financial summary

Revenues were €7.5 million in the first half of 2012, compared to zero for the corresponding period of 2011. This reflects a one-off $10 million milestone payment (corresponding to €7.5 million) received from Bausch + Lomb in April 2012, following its decision to continue the development of BOL-303259-X.

Research and development costs and administrative and selling costs were €8.1 million in the first half of 2012, compared to €8.8 million in the first half of 2011.

NicOx recorded a total net loss of €0.4 million in the first half of 2012, compared to a net loss of €7.8 million for the same period in 2011. On June 30, 2012, the Group had cash and cash equivalents totaling €88.5 million, compared to €93.1 million on December 31, 2011.



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