Edison Investment Research - Nicox SA (COX) Nicox - Revising NCX-470 forecasts after Mont Blanc

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Edison Investment Research

Sean Conroy

Nicox - Revising NCX-470 forecasts after Mont Blanc

Following positive Mont Blanc NCX-470 Phase III results, Nicox is actively exploring commercial partnerships for NCX-470 in both the US and Japanese markets. We believe this is a sound strategy as effective commercial positioning will be key in differentiating NCX-470 from other prostaglandin F2α analogue (PGA) drugs, given that despite meeting the primary efficacy endpoint, NCX-470 did not demonstrate statistical superiority vs latanoprost in Mont Blanc. We have adjusted our rNPV to €190.4m (vs €236.2m previously) as, while we have raised our US probability of success (PoS) estimate to 75% (from 50%), we have also reduced our peak sales forecasts as the level of NCX-470’s relative IOP reduction to latanoprost in the Mont Blanc study was not as high as we had expected.

10/11/2022 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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FR0013018124 Euronext Paris France

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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 - Revising NCX-470 forecasts after Mont Blanc

Nicox Announces Positive Results from the NCX 470 Phase 3 Denali Trial in Glaucoma Patients

Nicox annonce des résultats positifs pour NCX 470 dans l’étude de Phase 3 Denali chez des patients atteints de glaucome

Nicox Extends Existing Flexible Equity Financing

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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