Sophia Antipolis, France

Nicox S.A. (Euronext Paris: FR0013018124, COX), the international ophthalmic company, today announced its financial results for the six months ended June 30, 2017, and provided an update on its activities.

“The first half of 2017 was marked by significant developments across our core programs” commented Michele Garufi, Chairman and Chief Executive Officer of Nicox. “The recent FDA approval of the ZERVIATE™ NDA brings us one step closer to our objective of securing a commercialisation partner for this innovative ophthalmic product for the U.S. market. For VYZULTA®, our partner Bausch + Lomb has resolved the FDA’s concerns surrounding their Tampa manufacturing plant and rapidly submitted a response to the CRL received in August.”

Michele Garufi concluded, “Subsequent to the close of the second quarter, we strengthened our balance sheet through a reserved capital increase of ordinary shares, the gross proceeds of which were €26.25 million. These funds allow us to advance our novel, patented pipeline candidates NCX 470 and NCX 4251 and to submit INDs for Phase 2 clinical studies during the first semester 2018.”

Second Quarter 2017 and Recent Developments

Other Updates

Nicox and VISUfarma have amended certain elements of our agreement relating to the August 2016 transfer of Nicox’s European and International commercial operations to VISUfarma. Under the terms of the amended agreement, VISUfarma and Nicox have agreed to amend the terms and conditions related to the €5 million potential milestone payments, which would have been made in a combination of ordinary shares and interest-bearing loan notes. As a result, Nicox will receive an additional €1.65 million in deal consideration in a combination of ordinary shares and interest-bearing loan notes, making the total consideration for the assets equal to an aggregate of €22.65 million, increased from the €21 million initially. Nicox is now eligible to receive a milestone payment of up to €3.35 million in a combination of ordinary shares and interest-bearing loan notes if certain business objectives are achieved by VISUfarma. Nicox and VISUfarma also agreed that Nicox will no longer be responsible for completing development and regulatory approval for NCX 4240 in Europe. No payments are due by either party, now or subsequently, as a result of this change. Nicox retains rights to develop NCX 4240 in the United States and Japan. And finally, Nicox will make a one-time cash payment of €479,000 to VISUfarma.

H1 2017 Financial Summary