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

ypertensive drug candidates

-- Euro 0.3 million corresponding to the allocation of the remaining

balance of the US$2 million license and option payments received from

Axcan following the termination of the development of NCX 1000 in May

2007

The initial March 2006 payments from Pfizer and Merck listed above were deferred over the estimated duration of NicOx' involvement in the research and development programs provided for under the terms of the corresponding agreements. The terms surrounding the duration of NicOx' involvements in these programs are revised periodically, if necessary. The payments received from Pfizer for the funding of the research activities are deferred over a period of 12 months from the date of invoice.

Operating expenses

Consolidated operating expenses totaled euro 57.8 million in 2007, compared to euro 36.3 million in 2006, of which, 80.4% were attributable to research and development expenses and 19.6% to selling and administrative expenses during 2007, compared to 78.7% and 21.3%, respectively in 2006.

Research and development expenses reached euro 46.5 million in 2007, compared to euro 28.6 million in 2006 (including euro 2.2 million allocated to cost of sales in 2007 and euro 1.6 million in 2006). These expenses are primarily due to the costs associated with the phase 3 development of naproxcinod, such as expenses related to contract research organizations and suppliers involved in naproxcinod's clinical development and manufacturing activities. At this time, the cost of sales principally corresponds to the expenses incurred by NicOx in performing research activities under the contracts signed with Pfizer and Merck. Operational subsidies from the research tax credit, which are deducted from research and development expenses, amounted to euro 3.9 million in 2007 compared to euro 1.2 million in 2006. On December 31, 2007, the Company employed 84 people in research and development
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SOURCE NicOx S.A.
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