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NicOx Reports First Quarter 2008 Financial Results

eement with NicOx. This agreement grants Pfizer the exclusive right

to apply NicOx' proprietary nitric oxide-donating technology to drug

discovery research across the field of ophthalmology. The most advanced

project under this agreement is focused on nitric oxide-donating

prostaglandin analogs for the treatment of glaucoma and has produced

encouraging results for various compounds in a validated in vivo model

of abnormally high intraocular pressure (IOP), compared to a commonly

used reference drug

-- The Company continued to take the necessary steps to ensure the

successful commercialization of naproxcinod and signed an agreement for

the commercial manufacture of naproxcinod drug substance with the fine

chemical company Archimica. The aim of this agreement is to ensure that

commercial supplies of an appropriate scale will be available to ensure

the successful launch of naproxcinod

-- In January, NicOx announced that Pfizer initiated phase 2 clinical

development for PF-03187207 in Japan. PF-03187207 is an investigational

nitric oxide-donating prostaglandin analog for the treatment of

glaucoma. This dose ranging phase 2 study will recruit 120 patients and

is expected to report results in the third quarter of 2008

-- In May, following the end of the first quarter, NicOx announced the

results of a U.S. phase 2 trial for PF-03187207. This dose ranging

study conducted by Pfizer Inc, compared the safety and efficacy of

PF-03187207 to Xalatan(R) (latanoprost) in patients with primary open

angle glaucoma and ocular hypertension. On the primary endpoint,

PF-03187207 showed a 12% improvement over Xalatan(R) 0.005%, which did

not reach statistical significance, although a statistically

significant advantage over Xalatan(R) 0.005% was observed on a number'/>"/>

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