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

gram (304) and two Ambulatory Blood Pressure Monitoring (ABPM) studies (111 and 112), which showed naproxcinod's favorable 24-hour blood pressure profile. - Signature of two commercial supply agreements for naproxcinod with world leading manufacturing companies: DSM for the production of active pharmaceutical ingredient (API) and Capsugel for the production of naproxcinod capsules. - Further progress in the collaboration with Merck & Co., Inc., following the initiation of a series of phase 1b studies in mild to moderate hypertensive volunteers, which have the aim of selecting the most appropriate compound to advance into phase 2. - Two phase 2 studies for PF-03187207 in glaucoma patients conducted by Pfizer Inc demonstrated an improvement over Xalatan(R) 0.005%, in terms of intraocular pressure lowering, but did not reach statistical significance on the primary endpoint.

Eric Castaldi, Chief Financial Officer of NicOx, commented: "As planned, we successfully completed the phase 3 clinical program for naproxcinod in 2008. We believe that the attractive profile of naproxcinod achieved in the phase 3 program should ensure our compound's future commercial success. Our balance sheet has enabled us to continue to expand the pre-commercialization activities for naproxcinod in parallel with the ongoing partnering discussions. We project cash burn will substantially decline throughout 2009, following the completion of the phase 3 program, and we currently believe we have 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 we expect from a potential commercialization agreement for naproxcinod."

Financial summary of 2008

Revenues for the full year 2008 were EUR3.4 million, compared to EUR20.6 million in 2007. These
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