Financial Results for Full Year 2007: NicOx Significantly Advances Clinica... (context of the agreement signed wi...)

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

Date:3/3/2008

context of the agreement

signed with Merck in March 2006

-- Euro 1.0 million received from Pfizer in April 2007, following the

review of an Investigational New Drug (IND) submission by the U.S. FDA

for a new experimental medicine for the treatment of glaucoma,

developed under the collaboration agreement signed between Pfizer and

NicOx in August 2004

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

initiation of the first in a series of planned clinical studies for the

first selected drug candidate, in accordance with the companies' major

collaborative agreement to develop new nitric oxide-donating

antihypertensive agents using NicOx' proprietary technology

These amounts, received by the Company, result from a firm commitment by the other contracting party and have been immediately recognized in revenues because NicOx will not have continuing involvement in the future development of the compounds that are the subject of the collaboration agreements mentioned above.

During the financial year 2007, NicOx also recognized the following sums, initially recorded as prepaid income, in revenues:

-- Euro 2.5 million corresponding to the initial payment of euro 5.0

million from Pfizer as a technology exclusivity fee, following the

March 2006 agreement that granted Pfizer rights to an exclusive

worldwide license to develop and commercialize new drug candidates

using NicOx' proprietary technology in the field of ophthalmology

-- Euro 3.0 million corresponding to the funding of the research

collaboration, pursuant to the above referenced agreement signed with

Pfizer in March 2006.

-- Euro 3.8 million corresponding to the initial payment of euro 9.2

million received from Merck following the signature in March 2006 of a

collaboration agreement for new antih
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