Nicox Provides Fourth Quarter 2023 Financial and Business Highlights
| Press Release | ||
| Nicox Provides Fourth Quarter 2023 Financial and Business Highlights | ||
January 25, 2024 – release at 7:30 am CET Sophia Antipolis, France Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today provided financial and business highlights for the fourth quarter of 2023 for Nicox SA and its subsidiaries (the “Nicox Group”). “The Denali trial is progressing to plan with 75% of the target number of patients now randomized. A significant milestone has also been reached as all patients for the 12-month safety extension have been enrolled. In parallel, all activities to support the NCX 470 New Drug Application are continuing as planned. The Company remains focused on the financial situation and finding solutions to extend the cash runway.” said Andreas Segerros, Chief Executive Officer of Nicox. “Licensing revenues, which today come principally from VYZULTA sales, continue to grow, with annual net royalty payments to Nicox exceeding €4 million for the first time. In 2024 we are expecting approval and commercialization of ZERVIATE in China, which should further contribute to licensing revenue growth.” Fourth Quarter 2023 Financial Highlights Net revenue1 for the fourth quarter of 2023 was €1.3 million, compared to €1.0 million of net revenue for the fourth quarter of 2022. Net revenue for the full year 2023 was €4.2 million which is an increase of 29% compared to net revenue for the full year 2022 of €3.3 million. The net revenues for 2022 and 2023 consisted entirely of net royalty payments. As of December 31, 2023, the Nicox Group had cash and cash equivalents of €11.9 million, compared with €14.6 million as of September 30, 2023 and €27.7 million as of December 31, 2022. The Company estimates it is financed until June 2024, based exclusively on the development of NCX 470. The Company is pursuing licensing and other business development discussions, exploring multiple strategic options and is also discussing with its creditors to restructure its debt. As of December 31, 2023, the Nicox Group had financial debt of €21.0 million, consisting of (i) €18.9 million in the form of a bond financing agreement with Kreos Capital signed in January 2019, (ii) a €1.3 million credit agreement guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic and (iii) €0.8 million of present value attributed to the put option2 granted in the November 2022 equity financing. The payment of this latter 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. prescriptions data were not available for the last month of 2023, for technical reasons outside of the control of the Company. 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 intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Post Fourth Quarter 2023 Events
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