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

t 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. The remaining balance from the initial payment received from Merck was entirely recognized as revenues in the first semester of 2008.

Operating expenses

For the nine months ended September 30, 2008, operating expenses totaled EUR60.4 million, compared to EUR39.0 million in the nine months ended September 30, 2007 (adjusted to reflect the reclassification of the research tax credit subsidies into other income as indicated below). During the first nine months of 2008, operating expenses were 86% attributable to research and development expenses and 14 % attributable to selling and administrative expenses, compared to 77% and 23% respectively during the same period in 2007.

Research and development expenses reached EUR52.0 million in the nine months ended September 30, 2008, compared to EUR30.2 million in the nine months ended September 30, 2007 (including EUR0.6 million allocated to cost of sales in the first nine months of 2008 and EUR1.6 million during the same period in 2007). This significant increase of research and development expenses results mainly from the costs related to the phase 3 development of naproxcinod, such as expenses associated with contract research organizations and suppliers involved in naproxcinod's clinical development and manufacturing activities. At this time, the cost of sales corresponds to the expenses incurred by NicOx in performing research activities under the contracts signed with Pfizer and Merck. The Company anticipates that research and development expenses will remain at a high level during the fourth quarter of 2008, due to the end of phase 3 clinical studies on naproxcinod and the increase in the activities linked to the production of this compound. On September 30, 2008, the Company employed 98 people in research and deve
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