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

ults from a phase 2a study in asthmatic smokers. These results showed a good safety and tolerability profile for TPI 1020, in addition to certain anti-inflammatory effects which could be potentially beneficial in COPD. Topigen is responsible for all further development costs for this program and has rights to TPI 1020 for North America and an option to obtain rest of world rights.

NCX 4016

NCX 4016 is a nitric oxide-donating derivative of acetyl-salicylic acid, which has generated encouraging preliminary results in type 2 diabetes patients in three clinical studies. The planned program for NCX 4016 in type 2 diabetes was put on hold in 2007, due to unexpected in vitro test results observed for NCX 4015, a potential, specific metabolite of NCX 4016. NicOx has not received any further results suggesting a potential concern with NCX 4015.

Following an in-depth internal evaluation of the projected NCX 4016 development timeline and costs, the Company has decided to discontinue NCX 4016 and focus its resources on the development of naproxcinod and other compounds in its pipeline.

Other important achievements and updates

-- In February 2007, NicOx successfully completed a capital increase with

preferential subscription rights for existing shareholders, which

raised net proceeds of euro 120.7 million. There was demand for new

ordinary shares totaling euro 227 million, with the offering therefore

being covered 1.75 times

-- In November 2007, Orexo AB acquired the rights to NCX 1510 through its

merger with Biolipox AB (see Orexo Press Release of November 23, 2007).

NCX 1510 is a nitric oxide-donating drug candidate for the treatment of

allergic rhinitis. A nasal spray formulation of this compound using

Orexo's NLA technology has completed phase 2a clinical development and

Orexo is seeking possible partnerships to further advance the

develo
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SOURCE NicOx S.A.
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