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

lt before income tax (12,891) 1,863

Income tax expense (67) (68)

Net Result (12,958) 1,795

NicOx SA - - IFRS FINANCIAL CONSOLIDATED STATEMENTS

CONSOLIDATED BALANCE SHEET

For the period ended

March 31 2008 Dec 31 2007

(in thousands of euro)

ASSETS

Non-current assets

Property, plant & equipment 3,027 2,720

Intangible assets 681 464

Non-current financial instruments 14,397 14,402

Loan 2,613 0

Government subsidies receivable 6,828 5,264

Other financial assets 184 186

Deferred income tax assets 10 10

Total non-current assets 27,740 23,046

Current assets

Trade receivables 2,222 2,224

Government subsidies receivables 133 133

Other current assets 1,574 2,564

Prepaid expenses 2,724 3,083

Current financial instruments 15,066 14,967

Cash and cash equivalents 124,280 143,444

Total current assets 145,999 166,415

TOTAL ASSETS 173,739 189,461

EQUITY

Capital and Reserves attributable to equity holders of the

Company

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SOURCE NicOx S.A.
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