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

tion is explained by the considerable increase in operating expenses during the first semester of 2008 and by the significant decrease in revenues recognized during the period as indicated above.

Other results

During the first nine months of 2008, net financial income totaled EUR4.6 million compared to EUR3.7 million in the corresponding period of 2007.

The income tax expense incurred by NicOx during the first nine months of 2008 relates to its subsidiaries and amounted to EUR0.2 million, compared to EUR0.03 million during the same period of 2007.

Net result

For the nine months ended September 30, 2008, the net loss amounted to EUR49.7 million compared to EUR13.7 million for the nine months ended September 30, 2007. As indicated above, this very significant increase in net loss in 2008 is due to the strong increase of research and development expenses associated with naproxcinod and from the considerable decrease in the revenues recognized during this period.

Balance sheet items

The indebtedness incurred by NicOx is mainly short-term operating debt. On September 30, 2008, the Company's current liabilities amounted to EUR23.2 million, including EUR18.1 million in accounts payable to suppliers and external collaborators, EUR1.8 million in accrued compensation for employees, EUR1.6 million in deferred revenues due to payments received under collaboration agreements, EUR1.3 million in corporate taxes payable, EUR0.3 million for other liabilities and EUR0.1 million in current income tax payable.

In the first nine months of 2008, NicOx granted Archimica a loan amounting to EUR6.0 million, fully paid on September 30, 2008, as part of the financial terms of the manufacturing and supply agreement with this company.

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. The Company us
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