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NicOx Reports Results for the First Three Quarters of 2008
Date:10/22/2008

lead investigational drug which is in late phase 3 studies for the treatment of the signs and symptoms of osteoarthritis.

For the nine months ended September 30, 2008, the net loss amounted to EUR49.7 million compared to EUR13.7 million for the first nine months of 2007. On September 30, 2008, the Company's current and non-current financial instruments and cash and cash equivalents were EUR124.8 million, compared to EUR172.8 million on December 31, 2007.

Review of the consolidated financial results for the nine months ended September 30, 2008 and 2007:

Revenues

NicOx' revenues totaled EUR2.9 million for the nine months ended September 30, 2008, compared to EUR18.4 million for the nine months ended September 30, 2007. This significant decrease is explained by the fact that the Company received EUR10.0 million from Merck and EUR1.0 million from Pfizer in 2007, which was entirely recognized as revenues in the first nine months of 2007.

For the first nine months of 2008, NicOx recognized the following amounts in revenues:

- EUR0.25 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

- EUR2.1 million corresponding to the funding of the research

collaboration, pursuant to the above referenced agreement signed with

Pfizer in March 2006

- EUR0.56 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 developmen
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SOURCE NicOx
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