COX Nicox SA

Nicox Provides First Quarter 2023 Financial and Business Highlights

Nicox Provides First Quarter 2023 Financial and Business Highlights

Press Release
Nicox Provides First Quarter 2023 Financial and Business Highlights




  • Net revenue of €0.8 million for the first quarter of 2023




  • Cash position of €21.4 million as of March 31, 2023
April 19, 2023 – release at 7:30 am CET

Sophia Antipolis, France







Nicox SA (Euronext Paris: FR0013018124, COX), an international ophthalmology company, today provided financial and business highlights for the first quarter 2023 for Nicox SA and its subsidiaries (the “Nicox Group”).



First Quarter 2023 Financial Highlights







Net revenue1 for the first quarter of 2023 was €0.8 million (consisting entirely of net royalty payments). This compares to net revenue for the first quarter of 2022 of €0.7 million (consisting entirely of net royalty payments).







As of March 31, 2023, the Nicox Group had cash and cash equivalents of €21.4 million as compared with €27.7 million as of December 31, 2022. The Company estimates it is financed until Q2 2024, based exclusively on the development of NCX 470.



As of March 31, 2023, the Nicox Group had financial debt of €22.8 million, consisting of (i) €18.8 million in the form of a bond financing agreement with Kreos Capital signed in January 2019, (ii) a €1.7 million credit agreement guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic and (iii) €2.3 million of present value attributed to the put option2 granted in the November 2022 equity financing. The payment of this debt would only occur if the put option was exercised, subject to the conditions set out in footnote 2 below.



VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024% U.S. prescriptions3 increased by 23% in the first quarter of 2023 compared to the same period in 2022. VYZULTA, exclusively licensed worldwide to Bausch + Lomb, is commercialized in more than 15 countries, including the U.S., and is also approved in a number of other countries. VYZULTA is indicated for the reduction of IOP in patients with open-angle glaucoma or ocular hypertension.



Corporate update



  • Nicox’s exclusive Chinese licensing partner, Ocumension Therapeutics, in April 2023 a New Drug Application for approval to commercialize ZERVIATE® (cetirizine ophthalmic solution), 0.24% in China for ocular itching associated with allergic conjunctivitis. The approval and launch of ZERVIATE, expected in 2024, would add another royalty revenue stream to Nicox, on potential annual net sales which Ocumension forecasts will be over $100 million within 7 years in China. All costs of commercialization are borne by Ocumension and Nicox may potentially receive sales milestones of up to US$17.2 million together with royalties of between 5% and 9% of net sales of ZERVIATE by Ocumension.
Key Future Milestones



  • Communication of NCX 470 Mont