Edison Investment Research - Nicox SA (COX) Nicox - Nicox provides NCX-470 sales potential estimates

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Edison Investment Research

Sean Conroy

Nicox - Nicox provides NCX-470 sales potential estimates

Nicox provided details of a US market survey evaluating the commercial potential of its lead candidate, NCX-470, a nitric oxide (NO) donating bimatoprost designed for the treatment of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension (OHTN). The independent market research agency commissioned by Nicox confirmed that NCX-470’s therapeutic profile, as shown in prior studies including the Phase III Mont Blanc trial, was positively received by stakeholders. Together with insights from Ocumension Therapeutics, the company’s NCX-470 partner in China and South-East Asia, Nicox estimates that annual global net sales of NCX-470 (excluding Europe) could exceed $300m within eight years of the product’s launch in the US and China, with US net sales estimated at $115–165m by year 8. We believe the US estimates may be conservative, given that US branded bimatoprost (Lumigan, AbbVie) sales exceeded $270m in 2021 and that NCX-470 is differentiated through its additional NO-mediated mechanism of action (in addition to its prostaglandin F2α mediated IOP lowering effects).

13/07/2023 1 EN

Underlying

Nicox SA

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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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Nicox - Nicox provides NCX-470 sales potential estimates

Nicox’s NCX 470 Demonstrates Sustained Efficacy through 12 Months in Denali Clinical Trial with no new Safety Observations

Nicox annonce que NCX 470 a démontré une efficacité soutenue jusqu’à 12 mois dans l’essai clinique Denali, sans effets indésirables nouveaux observés

Nicox Expects to Fully Repay Financial Debts with NCX 470 De-Risked and Globally Licensed

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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