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NicOx Reports First Quarter 2008 Financial Results
Date:5/14/2008

SOPHIA ANTIPOLIS, France, May 14 /PRNewswire-FirstCall/ -- NicOx S.A. (Eurolist: COX) today reported financial results for the first three months of 2008. On March 31, 2008, the Company had cash, cash equivalents and financial instruments of euro 153.7 million, compared to euro 201.2 million on March 31, 2007.

Revenues were euro 1.4 million in the first quarter of 2008, compared to euro 8.7 million for the corresponding period of 2007. The higher revenues achieved in Q1 2007 were principally due to two milestone payments from Merck & Co., Inc. and Pfizer Inc which were fully recognized during that period.

Operating expenses were euro 17.5 million in the first quarter of 2008, compared to euro 10.1 million in the first quarter of 2007. This increase in operating expenses was mainly due to the ongoing phase 3 clinical studies for naproxcinod, NicOx' lead investigational drug and the first compound in the CINOD class, for the treatment of the signs and symptoms of osteoarthritis.

In the first quarter of 2008, NicOx recorded a net loss of euro 13 million. This compares to a net profit of euro 1.8 million for the first quarter of 2007.

Key operational highlights - first quarter 2008

-- NicOx initiated two large Ambulatory Blood Pressure Monitoring (ABPM)

studies for naproxcinod in hypertensive patients with osteoarthritis.

These two large clinical pharmacology studies in the United States will

assess the blood pressure profile of naproxcinod in comparison to

ibuprofen and naproxen, using the Ambulatory Blood Pressure Monitoring

(ABPM) technique. These two trials are 12 and 16 weeks in duration and

together are expected to recruit around 420 osteoarthritis patients

with controlled hypertension. Results of both studies are projected in

the fourth quarter of 2008

-- Pfizer Inc signed an extension of its March 2006 ophthalmology research

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SOURCE NicOx S.A.
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