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

, this situation results from the strong increase in operating expenses during the first quarter of 2008 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 March 31, 2008, the Company's current liabilities amounted to euro 15.9 million, including euro 9.9 million in accounts payable to suppliers and external collaborators, euro 3.1 million in deferred revenues due to payments received under collaboration agreements, euro 1.6 million in taxes payable, euro 1.1 million in accrued compensation for employees, euro 0.1 million in corporate taxes payable and euro 0.1 million for other liabilities.

In the first quarter of 2008, NicOx granted Archimica a loan totaling euro 6 million, payable in 9 monthly installments, as part of the financial terms of the manufacturing and supply agreement with this company. On March 31, 2008, the amount paid by NicOx under this agreement was euro 2.6 million.

On March 31, 2008, the Company's current and non-current financial instruments and cash and cash equivalents amounted to euro 153.7 million, compared to euro 201.2 million on March 31, 2007. The Company uses its liquid assets principally to cover research and development expenses, expenses relating to the development of relationships with pharmaceutical companies, with a view to encourage new partnerships, and corporate expenses related to general and administrative and promotional activities. NicOx expects its operating expenses to continue to increase very strongly over the coming financial years, as a result of the anticipated expenses related to the clinical development and the launch preparation activities for its drug candidate naproxcinod, currently in phase 3 clinical development.

NicOx (Bloomberg: COX:FP, Reuters: NCOX.PA) a product-driven biopharmaceutical company dedicated to the development and future commercializa
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SOURCE NicOx S.A.
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