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Financial Results for Full Year 2007: NicOx Significantly Advances Clinical Programs
Date:3/3/2008

increased by euro 7.4 million in 2007 to reach euro 32.1 million, compared to euro 24.7 million in 2006. This increase in the consolidated net loss remains limited, as the strong increase in operational expenses has been offset to a large extent by the significant increase in revenues recognized over the financial year, the significant increase in the research tax credit and its impact on the research and development expenses and the increase in the net financial income following the investment of the net proceeds of the rights offering completed in February 2007.

Balance sheet items and net burn rate

The indebtedness incurred by NicOx is mainly short-term operating debt. On December 31, 2007, the Company's current liabilities amounted to euro 19.9 million, including euro 13.9 million in accounts payable to suppliers and external collaborators, euro 2.5 million in taxes payable, euro 1.6 million in accrued compensation for employees euro 1.5 million in deferred revenues due to payments received under collaboration agreements, euro 0.3 million for other liabilities and euro 0.1 million in corporate taxes payable.

NicOx had no outstanding loans on December 31, 2007.

On December 31, 2007, the Company's current and non-current financial instruments and cash and cash equivalents amounted to euro 172.8 million, compared to euro 81.7 million on December 31, 2006. This significant increase in financial instruments, cash and cash equivalents is primarily attributed to the capital increase with preferential rights completed in February 2007, the net proceeds of which amounted to euro 120.7 million. 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 encouraging new partnerships, and corporate expenses related to general and administrative and promotional activities.

The net burn rate, defined with refere
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SOURCE NicOx S.A.
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