Nicox Provides Second Quarter 2024 Update
July 18 2024 - 1:30AM
UK Regulatory
Nicox Provides Second Quarter 2024 Update
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, France
Nicox 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 |
|
Nicox
Gavin Spencer
Chief Executive Officer
T +33 (0)4 97 24 53 00
communications@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, France
T +33 (0)4 97 24 53 00 |
1 Net revenue consists of revenue from collaborations less
royalty payments
2 Intra-ocular pressure
- EN_Q22024Results_PR_FINAL
Nicox (EU:ALCOX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Nicox (EU:ALCOX)
Historical Stock Chart
From Aug 2023 to Aug 2024