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

mpany's current and non-current financial instruments and cash and cash equivalents were EUR104.7 million, compared to EUR172.8 million on December 31, 2007.

The Company anticipates a significant decrease in its research and development expenses for 2009, following the completion of the phase 3 clinical program for naproxcinod in 2008. NicOx has the strategic objective of transforming itself into a self-sustainable biopharmaceutical company. Commercial expenses would be expected to continue to increase strongly over the coming financial years, as a result of the anticipated launch preparation activities for naproxcinod. Overall, operating expenses are expected to decrease in 2009, compared to 2008.

The Company's consumption of financial instruments and cash and cash equivalents is expected to decrease significantly in 2009, following the completion of the phase 3 clinical program for naproxcinod in 2008. Current budgetary estimates suggest NicOx has sufficient cash to finance the activities of the Company until the end of 2010. This projection does not include the possible upfront and milestone payments that could arise from a potential commercialization agreement for naproxcinod.

NicOx (Bloomberg: COX:FP, Reuters: NCOX.PA) is a product-driven biopharmaceutical company dedicated to the development and future commercialization of investigational drugs for unmet medical needs. NicOx is applying its proprietary nitric oxide-donating technology to develop an internal portfolio of New Chemical Entities (NCEs) in the therapeutic areas of inflammatory and cardio-metabolic disease.

Resources are focused on the development and pre-commercialization activities for naproxcinod, a proprietary NCE and the first Cyclooxygenase-Inhibiting Nitric Oxide-Donating (CINOD) anti-inflammatory agent for the treatment of the signs and symptoms of osteoarthritis. Naproxcinod has completed three pivotal phase 3 s
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