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

ew nitric oxide-donating antihypertensive drugs and is testing a number of compounds with single and multiple ascending dosing, prior to the selection of a candidate to be advanced into phase 2. The main objectives of these studies are to assess the efficacy, safety, tolerability and pharmacokinetics of these compounds.

Ophthalmology agreements with Pfizer Inc

NicOx and Pfizer are currently in discussions regarding the rights to PF-03187207 for glaucoma (PF-03187207 is covered by the companies' August 2004 agreement). This follows the results of two phase 2 studies in the US and Japan, which demonstrated an improvement over Xalatan(R) 0.005% that did not reach statistical significance on the primary endpoint. The March 2006 agreement granted Pfizer the exclusive right to apply NicOx' nitric oxide-donating technology across the entire field of ophthalmology and current research activities are focused on compounds for the potential treatment of diabetic retinopathy.

Results of a phase 2 study for TPI 1020 in COPD

In December, NicOx and its partner Topigen Pharmaceuticals Inc. announced the results of a phase 2 study for TPI 1020 in patients with Chronic Obstructive Pulmonary Disease (COPD). TPI 1020 did not obtain the differentiated activity required to be advanced into further development in this indication. Topigen and NicOx are currently exploring other possible therapeutic opportunities for TPI 1020 in the respiratory field.

Financial consolidated results on December 31, 2008 and 2007:

Revenues

NicOx' revenues totaled EUR3.4 million in 2008, compared to EUR20.6 million in 2007. This significant decrease is explained principally by the fact that the Company received EUR10.0 million from Merck and EUR1.0 million from Pfizer in 2007, which were entirely recognized as revenues in 2007.

    In 2008, NicOx recognized the following amounts i
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