|Nicox Fourth Quarter 2019 Business Update and Financial Highlights|
January 21, 2020 – release at 7:30 am CET
Sophia Antipolis, France
Nicox SA (Euronext Paris: FR0013018124, COX), an international ophthalmology company, today provided Q4 2019 operational highlights, revenue and cash position for Nicox SA and its subsidiaries (the “Nicox Group”), as well as key expected milestones in 2020.
Key Expected Upcoming Milestones
Dr. Tomas Navratil, PhD, has been promoted to Executive Vice President, Head of R&D of the Nicox Group and General Manager of Nicox Ophthalmics Inc. as of January 1, 2020. In this expanded role, Dr. Navratil will be responsible for all research, non-clinical and clinical development, CMC and regulatory affairs activities for Nicox and general management of Nicox U.S. operations in Durham, North Carolina.
Fourth Quarter 2019 Financial Highlights
As of December 31, 2019, the Nicox Group had cash and cash equivalents of €28.0 million as compared with €17.4 million at September 30, 2019 and €22.1 million at December 31, 2018. The December 31, 2019 cash position does not include the last €8 million drawn down under the bond financing agreement with Kreos Capital. Net revenue2 for the fourth quarter of 2019 was €0.6 million, compared to €3.3 million for the fourth quarter of 2018. Net revenue2 for the full year 2019 was €6.9 million (€2.1 million in net royalties, €4.8 million in license payments), compared to €4.0 million (€1 million in net royalties and €3 million in license payments) for the full year 2018.
In November 2019, Nicox raised €12.5 million in gross proceeds through a private placement via the issuance of 3,315,650 new ordinary shares.
As of December 31, 2019, the Nicox Group had financial debt of €11.1 million in the form of a bond financing agreement with Kreos Capital signed in January 2019. Nicox has drawn down a total of €20 million under this bond financing agreement, as €8 million in January 2019, €4 million in October 2019 and €8 million in December 2019 received in January 2020. No further amounts can be drawn down under this bond financing agreement.
Only the figure related to the cash position of the Nicox Group as of December 31, 2018 is audited; all other figures of this press release are non-audited.
|Nicox S.A. is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. By leveraging our proprietary expertise in nitric oxide (NO) donation and other technologies, we are developing an extensive portfolio of novel product candidates that target multiple ophthalmic conditions, including glaucoma. Our portfolio has three programs in development including NCX 470, a novel, second-generation NO-donating bimatoprost analog, for intraocular pressure lowering, based on our proprietary NO-donating research platform and NCX 4251, a proprietary formulation of the well-established molecule fluticasone, for acute exacerbations of blepharitis. Our research activities are focused on novel future generation NO-donors including NO-donating phosphodiesterase-5 (PDE5) inhibitors and NO-donating soluble guanylate cyclase (sGC) stimulators (in partnership with Cyclerion). In addition, we have two ophthalmology assets that have been approved by the U.S. Food and Drug Administration (FDA); VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024%, exclusively licensed worldwide to Bausch + Lomb, a Bausch Health Companies Inc. company, and commercialized in the U.S. by Bausch + Lomb since December 2017, as well as ZERVIATE™ (cetirizine ophthalmic solution), 0.24%, exclusively licensed in the U.S. to Eyevance Pharmaceuticals, LLC. |
Nicox is headquartered in Sophia Antipolis, France, is listed on Euronext Paris (Compartment B: Mid Caps; Ticker symbol: COX) and is part of the CAC Healthcare, CAC Pharma & Bio and Next 150 indexes.
For more information on Nicox, its products or pipeline, please visit: www.nicox.com.
Bryan, Garnier & Co Victor Floc’h Paris, France
Cantor Fitzgerald Louise Chen New York, U.S.
H.C. Wainwright & Co Yi Chen New York, U.S.
Oppenheimer & Co Hartaj Singh New York, U.S.
|The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports.|
Executive Vice President, Chief Business Officer
& Head of Corporate Development
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|Investors & Media|
United States & Europe
LifeSci Advisors, LLC
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LifeSci Advisors, LLC
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|The information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements.|
Risks factors which are likely to have a material effect on Nicox’s business are presented in the 4th chapter of the ‘Document de référence, rapport financier annuel et rapport de gestion 2018’ filed with the French Autorité des Marchés Financiers (AMF) on March 6, 2019 which are available on Nicox’s website (www.nicox.com).
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