Nicox First Half 2013 Financial Results and Business Update
July 30, 2013
July 31, 2013.
Sophia Antipolis, France.
Nicox S.A. (NYSE Euronext Paris: COX) today announced its financial results for the six months ended June 30, 2013, and provided an update of its activities.
Michele Garufi, Chairman and CEO of Nicox, said:
“We have made good progress in the expansion of our product pipeline during the first six months of the year, with the addition of an innovative line of four eye care products licensed from an European partner for Europe, Middle East and Africa planned to be launched in the first quarter of 2014, and a proprietary dry eye panel for the diagnosis of Sjögren’s Syndrome from Immco Diagnostics under a promotion agreement for North America and an option for the rest of the world. The Dry Eye panel, together with our RPS point-of-care diagnostic tests, enables the Company to provide eye care practitioners and their patients with a unique and innovative offering in diagnostics. In parallel, our European and International team has been strengthened and we will continue to structure the operational organization of the Company to support our planned international growth.
As planned, Bausch + Lomb has initiated its pivotal Phase 3 studies for latanoprostene bunod. This compound is a major asset of our pipeline and further demonstrates the value of Nicox’s NO-donating research platform as an innovative therapeutic approach in ophthalmology.”
Operational Summary for the first half 2013
- Expansion of the ophthalmic pipeline
- Pivotal phase 3 program for latanoprostene bunod initiated by Bausch + Lomb in January 2013; positive phase 2b results presented at the AGS (American Glaucoma Society) in San Francisco on March 2nd 2013
- Strengthened ophthalmology expertise
- Positive pre-clinical results on naproxcinod in models of muscular dystrophy presented at MDA Scientific Conference in Washington (DC, United States); naproxcinod potential focus on muscular dystrophy
Post Reporting Period Events
- Initiation by Bausch + Lomb of Japanese studies for latanoprostene bunod in July 2013
Financial Summary
Nicox’s revenues amounted to €0.2 million for the six month ended June 30, 2013. This compares to €7.5 million for the same period in 2012, which included receipt of a significant milestone payment from Bausch + Lomb.
Selling, administrative and research and development costs were €9.3 million in the first half of 2013 (H1 2012: €8.1 million), with 40% of these costs related to selling expenses, reflecting the ongoing transformation of Nicox into a commercial ophthalmic company.
As a result, Nicox recorded a net loss of €9.2 million for the six months ended June 30, 2013, compared to a net loss of €0.4 million in the first half of 2012.
As of June 30, 2013, the Group had cash and cash equivalents of €67.4 million, compared to €77.5 million on December 31, 2012.