Nicox - Eye health portfolio targets large markets
Nicox’s lead candidate NCX-470 continues to advance in the Mont Blanc Phase III trial targeting the topical treatment of glaucoma, having recently reached 98% enrolment. While Mont Blanc data are still expected in Q123, the company has recently pushed back the forecast completion timeline for Denali, the second Phase III trial, and we have thus postponed our NCX-470 launch expectation into H226 (from H225). Nicox’s decision to advance NCX-4251 into dry eye disease (DED) significantly boosts the commercial prospects of this proprietary corticosteroid formulation, as over 30 million people in the United States experience DED. We derive a risk-adjusted NPV (rNPV) valuation of €298m, up from €294m previously.Nicox is engaged in the ophthalmic market. Co. markets several ophthalmic products in the United States and Europe with a portfolio of therapies and diagnostic tools that can help people to enhance their sight. Co. has developed naproxcinod, the first member of the Cyclooxygenase-Inhibiting Nitric Oxide-Donating (CINOD) class of anti-inflammatory agents, for the treatment of the signs and symptoms of osteoarthritis. Beyond naproxcinod, Co. has a pipeline containing multiple nitric oxide-donating NCEs, which are in clinical development with partners for the treatment of diseases, such as hypertension, glaucoma and Chronic Obstructive Pulmonary Disease (COPD).
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