Financial Results for Full Year 2007: NicOx Significantly Advances Clinica... (onary Disease (COPD). NicOx S.A. is h...)

Financial Results for Full Year 2007: NicOx Significantly Advances Clinical Programs

Date:3/3/2008

onary Disease (COPD).

NicOx S.A. is headquartered in France and is listed on the Euronext Paris Stock Exchange (Compartment B: Mid Caps).

This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in the forward-looking statements.

For a discussion of risks and uncertainties which could cause actual results, financial condition, performance or achievements of NicOx S.A. to differ from those contained in the forward-looking statements, please refer to the Risk Factors ("Facteurs de Risque") section of the Document de Reference filed with the AMF, which is available on the AMF website (http://www.amf-france.org) or on NicOx S.A.'s website (http://www.nicox.com).

CONSOLIDATED STATEMENT OF OPERATIONS

Fiscal year ended December 31

2007 2006

(euro thousands except for per share data)

Revenues 20,620 9,630

Cost of sales (2,151) (1,605)

Research and development expenses (44,345) (26,966)

Administrative and selling expenses (11,322) (7,717)

Operating loss (37,198) (26,658)

Net financial income 5,183 2,223

Loss before income tax (32,015) (24,435)

Income tax expense (129) (261)