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

500 mg bid, or ibuprofen 600 mg tid. At week 13, naproxcinod 750 mg bid showed a reduction in SBP of 2.7 mmHg compared to naproxen 500 mg bid and naproxcinod 375 mg bid showed a reduction in SBP of 1.1 mmHg compared to naproxen 250 mg bid. NicOx believes that the 112 trial is a key study for characterizing the blood pressure profile of naproxcinod, as it used the gold standard ABPM technique to provide data at 13 weeks, in OA patients with hypertension.

Further analyses on the 111 and 112 studies will form the basis of presentations at leading medical conferences and peer reviewed scientific publications during 2009 and 2010.

Interactions with clinical and scientific advisors

In 2008, NicOx organized 11 Advisory Boards to discuss naproxcinod's clinical results with world-famous experts in the fields of rheumatology, cardiology, nephrology and gastroenterology. Clinical advisors were consulted about various topics such as cardiovascular and blood pressure concerns related to traditional NSAIDs and COX-2 inhibitors, blood pressure and gastrointestinal results observed with naproxcinod and nitric oxide's mechanism of action.

The Company also attended 9 scientific congresses in 2008 and sponsored 3 symposia: at the American Heart Association (AHA) annual meeting in New Orleans, the European League Against Rheumatism (EULAR) annual meeting in Paris, and the Osteoarthritis Research Society International (OARSI) congress in Rome. All these events gave NicOx' scientists and clinicians the opportunity to seek advice regarding naproxcinod data from many leading advisors.

Initiation of a series of phase 1b studies by Merck & Co., Inc. in the hypertension field

In May 2008, Merck initiated a series of clinical studies in volunteers with mild to moderate hypertension. This program is part of the March 2006 agreement to develop n
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