Nicox Provides Second Quarter 2024 Update
18 Julio 2024 - 12:30AM
Press Release |
Nicox Provides Second Quarter 2024 Update |
- Nicox
Group revenue of €1.6 million (net
revenue1 €1.0 million) for second
quarter 2024
- Nicox
Group cash of €7.8 million on 30 June 2024 which finances the
Company until at least February 2025
July 18th, 2024 – release
at 7:30 am CET Sophia Antipolis, FranceNicox
SA (Euronext Growth Paris: FR0013018124, ALCOX), an
international ophthalmology company, today provided the revenue and
cash position for Nicox SA and its subsidiaries (the “Nicox Group”)
for the second quarter of 2024 and provided an update on key
activities.“Nicox continued to make good progress in the second
quarter of 2024, with a successful equity raise of €3.3 million,
adding to the €3 million upfront received from our licensing deal
for NCX 470 with Kowa in Japan in February. Benefiting from the
support of our longstanding Chinese partner, Ocumension
Therapeutics, now our largest shareholder, the equity raise
provides financing for the continued development of NCX 470 and
extends our cash runway. Nicox now has a lean structure which is
focused on NCX 470 and completing the Denali Phase 3 trial. With
randomization approaching the 95% level, we remain on track for
topline results in the second half of 2025. Our strengthened
financial position allows us flexibility to continue exploring
strategic options for Nicox and to pursue business development
discussions concerning NCX 470 and other drug candidates.” said
Gavin Spencer, Chief Executive Officer of Nicox.
“We are maintaining the momentum into this third quarter of 2024
with the appointment of our new Board members, Damian Marron, who
has become Chair of the Board of Directors, and Marc Le Bozec, who
both bring valuable, complementary perspectives and expertise to
our strategic discussions.”Revenue, Cash Position for the
Nicox Group for the Second Quarter 2024
- Nicox
Group revenue of €1.6 million (net revenue1 €1.0 million, entirely
composed of net royalties) for the second quarter of 2024 compared
to €1.4 million (net revenue1 €0.9 million, entirely composed of
net royalties) for the second quarter 2023;
- Cash of
€7.8 million as of 30 June 2024 compared to €11.9 million as of 31
December 2023 and €9.1 million as of 31 March 2024;
- As of 30
June 2024, the Nicox Group had financial debt of €20.5 million
(entirely held by Nicox SA), consisting of €19.4 million in the
form of a bond financing agreement with Kreos Capital (an affiliate
of BlackRock), and a €1.1 million credit agreement guaranteed by
the French State, and granted in the context of the COVID-19
pandemic.
The Company estimates that it is financed until at least February
2025, concentrating exclusively on the development of NCX 470.
After the success of its rights offering completed on 21 June 2024,
the Company continues to evaluate all options for non-dilutive and
dilutive financing to extend its cash runway. In particular the
Company is actively pursuing a number of business development
discussions, including the sale or license of certain assets, and
exploring multiple other strategic options which could facilitate
the development and commercialization of its product
candidates.Corporate Update
- On July 15,
experienced biotech leader Damian Marron has become Chair of the
Nicox Board of Directors, where he is joined by life sciences
entrepreneur Marc Le Bozec as Board member, following the
retirement of Jean-Francois Labbé, former Chair of the Board of
Directors and Les Kaplan, Director. The Board also includes Michele
Garufi and Gavin Spencer as Directors.
- As part of the
cost reduction strategy previously announced, the Company is in the
process of closing its Italian subsidiary, the Nicox Research
Institute.
- The Company
raised €3.3 million gross proceeds in a Rights Offer, which
completed on 21 June 2024, at a subscription price of €0.25.
- Following the
completion of the Rights Offer, and in line with the debt
restructuring announced on 28 February 2024, the convertible part
of the company’s principal debt, amounting to €3.3 million, has
been adjusted to a conversion price of €0.25.
Key Future Milestones
-
Approval and launch of ZERVIATE in China by Nicox’s
partner, Ocumension Therapeutics: expected in 2024.
-
Whistler Phase 3b clinical trial, initiated in December
2023, investigating NCX 470’s (bimatoprost grenod) dual mechanism
of action (nitric oxide and prostaglandin analog) in
IOP2 lowering: results
are currently expected in the first quarter of 2025.
-
Denali Phase 3 clinical trial evaluating NCX 470 in
patients with open-angle glaucoma or ocular hypertension:
the randomization in the Denali trial is approaching the 95% level
and expected to generate topline results in H2 2025, based on
current recruitment rates. Completion of recruitment of patients in
the U.S. is expected in Q4 2024.
Achievement of milestones relating to NCX 470 is dependent on the
Company extending its cash runway to cover the completion of those
activities. |
About Nicox |
Nicox SA is an international ophthalmology company developing
innovative solutions to help maintain vision and improve ocular
health. Nicox’s lead program in clinical development is NCX 470
(bimatoprost grenod), a novel nitric oxide-donating bimatoprost eye
drop, for lowering intraocular pressure in patients with open-angle
glaucoma or ocular hypertension. Nicox generates revenue from
VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch +
Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in
multiple geographies, including to Harrow, Inc. in the U.S., and
Ocumension Therapeutics in the Chinese and in the majority of
Southeast Asian markets. Nicox, headquartered in Sophia Antipolis,
France, is listed on Euronext Growth Paris (Ticker symbol: ALCOX)
and is part of the CAC Healthcare index. For more information
www.nicox.com |
Analyst coverage |
H.C. Wainwright & Co Yi Chen 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. |
Contacts |
|
NicoxGavin SpencerChief Executive OfficerT +33
(0)4 97 24 53 00communications@nicox.com |
Media / Investors Sophie Baumont Cohesion Bureau
+33 6 27 74 74 49 sophie.baumont@cohesionbureau.com |
Disclaimer |
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 section 3 of the “Rapport
Annuel 2023” which is available on Nicox’s website
(www.nicox.com).Finally, this press release may be drafted in the
French and English languages. If both versions are interpreted
differently, the French language version shall prevail. |
Nicox S.A.Sundesk Sophia Antipolis, Bâtiment C,
Emerald Square, Rue Evariste Galois, 06410 Biot, FranceT +33 (0)4
97 24 53 00 |
1 Net revenue consists of revenue from collaborations less
royalty payments2 Intra-ocular pressure
- EN_Q22024Results_PR_FINAL