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

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of secondary endpoints (p<0.05). Based on these results, Pfizer has

taken the decision not to launch a global phase 3 development program

for PF-03187207, although Pfizer has indicated that it would consider

continuing the development of PF-03187207 for potential registration in

Asia, including Japan, depending on the results of the ongoing Japanese

phase 2 study

-- In May, NicOx announced that Merck & Co., Inc. initiated the first in a

series of planned clinical studies, in mild to moderate hypertensive

patients, under the companies' collaborative agreement to develop new

nitric oxide-donating antihypertensive agents using NicOx' proprietary

technology. Three drug candidates have now been selected from the

companies' joint research program, of which two have completed initial

dose ranging studies in healthy volunteers, under the exploratory

clinical study paradigm, with encouraging results.

Eric Castaldi, Chief Financial Officer of NicOx, declared: "In the first quarter of 2008, we have continued to focus our efforts on completing the clinical development of naproxcinod and taking the initial steps necessary for the product's planned commercialization. An important part of our clinical development strategy is to confirm that naproxcinod has no detrimental impact on blood pressure in patients with osteoarthritis and the two new ABPM studies are designed to further highlight this key potential differentiating factor. Going forward we will be seeking partnership agreements for naproxcinod and we aim to retain certain commercialization rights in the US and selected EU markets, in order to fully exploit the drug's commercial and strategic value and to aid NicOx' planned transition to a fully integrated pharmaceutical business.

As anticipated, we have seen our operating expenses increase significantly during the first three months of 200
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SOURCE NicOx S.A.
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