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NicOx Provides an Update on the Phase 2a Study for NCX 1000,Conducted With Axcan

opment at NicOx, commented: "This ambitious project, jointly conducted by Axcan and NicOx aimed to develop an efficacious treatment for portal hypertension, a life threatening complication of chronic liver disease. This indication represents a major therapeutic challenge as the processes of the disease are not well understood and there are currently no treatments available. Unfortunately, NCX 1000 did not demonstrate the efficacy required to justify further development, although we are pleased that the safety and tolerability of the product were good."

NOTE: Portal hypertension is the most common manifestation of chronic liver disease and is responsible for the majority of the morbidity and mortality related to this disorder. The condition is caused by increased resistance to blood flow through the liver due to structural and blood flow changes. Consequently, blood is forced to return to the heart using other vessels, which are not adapted to high pressure and therefore rupture, causing life threatening bleeding.

NicOx (Bloomberg: COX; FP, Reuters: NCOX.PA) is a product-driven biopharmaceutical company dedicated to the development of nitric oxide- donating drugs to meet unmet medical needs. NicOx is targeting the therapeutic areas of pain and inflammation and cardio-metabolic disease. Resources are focused on two lead compounds, naproxcinod (formerly HCT 3012); in phase 3 development for the treatment of the signs and symptoms of osteoarthritis, and NCX 4016, in phase 2 for type 2 diabetes.

NicOx has strategic partnerships with some of the world's leading pharmaceutical companies, including Pfizer Inc. and Merck and Co., Inc.

NicOx S.A. is headquartered in Sophia-Antipolis, France, and is a public company listed on the Eurolist of Euronext(TM) Paris (segment: Next Economy).

The elements included in this communication may contain forward-looking statements subject to certain risks and uncertainties. Actual results of the company may
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