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

n revenues: - EUR0.3 million corresponding to the initial payment of EUR5.0 million from Pfizer, as a technology exclusivity fee, following the March 2006 agreement that granted Pfizer rights to apply NicOx' proprietary technology in a drug discovery research program covering the field of ophthalmology - EUR2.5 million corresponding to the funding of the research collaboration, pursuant to the above referenced agreement signed with Pfizer in March 2006 - EUR0.6 million corresponding to the balance of the spreading of the initial payment of EUR9.2 million received from Merck following the signature of a collaboration agreement for new antihypertensive drug candidates in March 2006

These amounts initially recorded as prepaid income were deferred over the estimated duration of NicOx' involvement in the research and development programs provided for under the terms of the corresponding agreements. The terms surrounding the duration of NicOx' involvement in these programs are revised periodically, if necessary.

Operating expenses

In 2008, operating expenses amounted to EUR86.4 million, compared to EUR61.8 million in 2007 (adjusted to reflect the reclassification of the research tax credit subsidies into other income as indicated below). During 2008, operating expenses were 87% attributable to research and development expenses and 13% attributable to selling and administrative expenses, compared to 82% and 18% respectively in 2007.

Research and development expenses reached EUR75.0 million in 2008, compared to EUR50.4 million in 2007 (including EUR0.8 million allocated to cost of sales in 2008 and EUR2.2 million in 2007). This significant increase in research and development expenses results mainly from the costs related to the phase 3 development of naproxcinod, such as expenses associated with contract research or
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