Review of the consolidated financial results for the three months ended March 31, 2008 and 2007:
For the three months ended March 31, 2008, NicOx' revenues reached euro 1.4 million, compared to euro 8.7 million for the three months ended March 31, 2007. This significant decrease is explained by the fact that the company received euro 5.0 million from Merck and euro 1.0 million from Pfizer in 2007, which was entirely recognized as revenues in the first quarter of 2007.
In the first quarter of 2008, NicOx only recognized the following sums,
initially recorded as prepaid income, in revenues:
-- euro 0.09 million corresponding to the initial payment of euro 5.0
million from Pfizer, as a technology exclusivity fee, following the
March 2006 agreement that granted Pfizer rights to an exclusive
worldwide license to develop and commercialize new drug candidates
using NicOx' proprietary technology in the field of ophthalmology
-- euro 0.75 million corresponding to the funding of the research
collaboration, pursuant to the above referenced agreement signed with
Pfizer in March 2006
-- euro 0.56 million corresponding to the initial payment of euro 9.2
million received from Merck following the signature of a collaboration
agreement for new antihypertensive drug candidates in March 2006
The initial March 2006 payments from Pfizer and Merck, listed above,
were deferred over the estimated duration of NicOx' involvement in the
research and development programs provided for under the terms of the
corresponding agreements. The terms surrounding the duration of NicOx'
|SOURCE NicOx S.A.|
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