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

man and CEO of NicOx. "In our view, naproxcinod is very well positioned in the face of increasing regulatory demands and its commercial potential has increased substantially during 2007, due to set backs suffered by possible competitors."

Financial summary of 2007

NicOx achieved a significant increase in revenues during 2007 reaching euro 20.6 million, compared to euro 9.6 million in 2006. This increase is primarily due to payments from Merck & Co., Inc. and Pfizer Inc. Operating expenses totaled euro 57.8 million in 2007, compared to euro 36.3 million in 2006. The majority of these expenses are associated with the phase 3 development of naproxcinod. Naproxcinod is NicOx' lead drug candidate, a unique, first in class, COX-Inhibiting Nitric Oxide Donator (CINOD), for the treatment of the signs and symptoms of osteoarthritis. In 2007, NicOx' net loss increased by euro 7.4 million to reach euro 32.1 million, compared to euro 24.7 million in 2006.

On December 31, 2007, the Company had cash, cash equivalents and financial instruments of euro 172.8 million, compared to euro 81.7 million on December 31, 2006. This significant increase is primarily due to the capital increase that was completed in February 2007, with net proceeds of euro 120.7 million.

"We have seen a controlled increase in operating expenses during 2007 and have budgeted for a further increase during 2008, which is primarily due to the clinical development and launch preparation costs for naproxcinod," said Eric Castaldi, Chief Financial Officer of NicOx. "Nevertheless, our strong balance sheet should allow us to leverage the unique potential of naproxcinod, while exploring other late stage product opportunities which could mitigate the risk associated with our planned transition into an integrated pharmaceutical company. We are firmly convinced that NicOx enters 2008 in the strongest position it has ever held and we look to the future with great optimism."

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SOURCE NicOx S.A.
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