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

pment of its NLA program, which includes candidates other than

NicOx' NCX 1510. A potential partnership and further development of the

NLA program may include NCX 1510 or could exclude NCX 1510 and instead

focus on other formulations of Orexo's NLA technology

-- In October 2007, NicOx and Ferrer Grupo International jointly presented

clinical and preclinical results from their collaboration at the 21st

World Congress of Dermatology

-- In July 2007, NicOx appointed Pascal Pfister MD as Chief Scientific

Officer (CSO). Dr. Pfister reports to Michele Garufi, Chairman and CEO,

and has overall responsibility for NicOx' Research and Development

(R&D) activities. Dr. Pfister brings extensive experience and

leadership to NicOx from his 19 year career at Novartis and Sandoz

-- In October 2007, NicOx opened its U.S. headquarters in Warren, New

Jersey, where the Company has based its newly established Commercial

Affairs and North American Clinical Operations departments. This

followed the appointment of Sanjiv Sharma as Vice President of

Commercial Affairs in April 2007, who is also head of the U.S. Office.

Sanjiv brings extensive marketing and sales management experience to

NicOx, from his previous positions at Biovail Pharmaceutical Inc. and

Sanofi-Aventis and its predecessor companies

Review of the financial results on December 31, 2007 and 2006:

Revenues

In 2007, NicOx' revenues increased by euro 11.0 million to reach euro 20.6 million, compared to euro 9.6 million in 2006. This significant increase results from the following payments that were entirely recognized as revenues in 2007:

-- Euro 5.0 million received from Merck in January 2007, following the

initiation of toxicology studies on the first development candidate

which had been recently selected, in the
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SOURCE NicOx S.A.
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