On March 6, 2019 Nicox SA (Euronext Paris: FR0013018124, COX), an international ophthalmology company, reported the financial and operating results for Nicox and its subsidiaries (the "Nicox Group") for the year ended December 31, 2018, as approved by the Board of Directors on March 5, 2019, and provided upcoming 2019 milestones (Press release, NicOx, MAR 6, 2019, View Source [SID1234533991]).
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2018 Financial Summary
In 2018, the Loss before tax of the Nicox Group was €18.3 million compared to €19.1 million in 2017. This reduction was achieved despite the significant investments in research and development made in 2018.
Net revenue for the 12 months to December 2018 was €4.0 million, which consists of the upfront payment from Ocumension Therapeutics for the license of NCX 470 for the Chinese market and net royalties on sales of VYZULTA (latanoprostene bunod ophthalmic solution), 0.024% by global partner Bausch + Lomb. This compares to a Net revenue for the 12 months to December 2017 of €2.3 million.
Operating expenses for the period 2018 increased to €26.5 million from €20.8 million for the 12 months to December 31, 2017 mainly due to investments in the development of our wholly-owned programs, NCX 470 and NCX 4251.
As of December 31, 2018, the Nicox Group had cash and cash equivalents of €22.0 million as compared with €41.4 million at December 31, 2017.
Event after the Reporting Period
On January 25, 2019, Nicox entered into a bond financing for up to €20 million from Kreos Capital, which together with cash on hand and anticipated royalties potentially extends the Company’s cash runway into 2021. The financing is structured as three tranches of which only the first tranche of €8 million has been drawn down. The exercise of the two other tranches is at Nicox’s sole discretion.
Upcoming 2019 Milestones
NCX 470: Top-line results from the Phase 2 clinical study for the lowering of intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension expected in Q4 2019.
NCX 4251: Phase 2 clinical study in patients with acute exacerbations of blepharitis to start shortly, with top-line results expected in Q4 2019.
ZERVIATETM U.S. launch: Commercial launch of ZERVIATE (cetirizine ophthalmic solution), 0.24% in the U.S. by our U.S. partner Eyevance Pharmaceuticals expected in summer 2019.
ZERVIATE ex-US partnering: Potential new licensing agreements, with multiple discussions ongoing.
Presentations on Nicox’s ophthalmology programs at key scientific conferences including the American Glaucoma Society (AGS), the Association for Research in Vision and Ophthalmology (ARVO).