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Financial Results for Full Year 2008: NicOx in a Unique Position to Deliver Significant Shareholder Value
Date:2/26/2009

SOPHIA ANTIPOLIS, France, February 26 /PRNewswire-FirstCall/ -- NicOx S.A. (NYSE Euronext Paris: COX) today announced its financial results for full year 2008 and provided an overview of the development and pre-commercialization activities for naproxcinod, its lead investigational drug for the treatment of the signs and symptoms of osteoarthritis (OA).

Michele Garufi, Chief Executive Officer of NicOx, commented: "We believe NicOx has entered 2009 in its strongest strategic position to date. We intend to use the excellent platform that we have developed over the last several years to transform NicOx into a self-sustainable biopharmaceutical company. Central to our ambition is to maximize the strategic and economic value of naproxcinod by signing the most appropriate commercial deal for this unique new product. Our intention is to retain select commercialization rights to naproxcinod to enable the creation of our own sales and marketing operations. Therefore, in parallel with our on-going discussions with potential naproxcinod partners, we are accelerating our search for marketed or late-stage clinical products for in-licensing or acquisition to leverage our future commercial infrastructure. We are confident we will achieve these key near term milestones, which should position NicOx to deliver sustainable profitability in the mid-term."

    Key highlights 2008:

    - Successful completion of the phase 3 clinical program for naproxcinod
      in OA patients, with all three studies (301, 302 and 303) achieving
      highly statistically significant results on all three co-primary
      efficacy endpoints (the WOMAC(TM) pain and function subscales and
      patients' overall rating of disease status).

    - Positive results on naproxcinod's blood pressure profile from a
      prospectively designed statistical analysis of the pooled Office Blood
      Pressure Measurement (OBPM) data from the phase 3 pro
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SOURCE NicOx
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