{"id":446523,"date":"2021-03-01T01:33:09","date_gmt":"2021-03-01T06:33:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=446523"},"modified":"2021-03-01T01:33:09","modified_gmt":"2021-03-01T06:33:09","slug":"nicox-announces-2020-financial-results-and-2021-key-milestones","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nicox-announces-2020-financial-results-and-2021-key-milestones\/","title":{"rendered":"Nicox Announces 2020 Financial Results and 2021 Key Milestones"},"content":{"rendered":"
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Press Release<\/strong>\n <\/td>\n<\/tr>\n
Nicox Announces 2020 Financial Results and 2021 Key Milestones<\/td>\n<\/tr>\n
\n
    \n
  • \n Net revenue1 <\/sup>of \u20ac12.9 million in 2020 almost doubled versus 2019<\/strong>\n <\/li>\n
  • \n Cash position increased to \u20ac47.2 million as of December 31, 2020<\/strong>\n <\/li>\n<\/ul>\n

    March 1st,<\/sup> 2021 \u2013 release at 7:30 am CET
    Sophia Antipolis, France<\/p>\n

    Nicox SA<\/strong> (Euronext Paris: FR0013018124, COX), an international ophthalmology company, today announced the financial and operating results for Nicox and its subsidiaries (the \u201cNicox Group\u201d) for the year ended December 31, 2020, as approved by the Board of Directors on February 26, 2021, and provided upcoming 2021 key milestones.<\/p>\n

    2020 Financial Summary <\/strong><\/p>\n

    \u00a0<\/p>\n

    Net revenue1<\/sup> for the full year 2020 was \u20ac12.9 million (\u20ac2.4 million in net royalties, \u20ac10.5 million in license payments), compared to \u20ac6.9 million (\u20ac2.1 million in net royalties, \u20ac4.8 million in upfront and milestone payments) for the full year 2019. \u00a0Net revenue has been revised upwards from that reported in the Q4 2020 business update due to an accounting adjustment reflecting a non-cash item of deferred income received from Ocumension in March 2020.<\/p>\n

    Operating expenses for the year 2020 decreased to \u20ac19.5 million from \u20ac25.5 million for the 12 months to December 31, 2019.\u00a0 Research and development expenses decreased by \u20ac5.0 million while administrative and other expenses decreased by \u20ac1.0 million. \u00a0Nicox\u2019s research and development efforts remained strong in 2020, mainly concentrated in the second part of the year with 3 clinical trials initiated since June.<\/p>\n

    Net loss of the Nicox Group for the full year 2020 was \u20ac18.1 million against \u20ac18.9 million for the full year 2019.<\/p>\n

    As of December 31, 2020, the Nicox Group had cash and cash equivalents of \u20ac47.2 million as compared with \u20ac28.1 million at December 31, 2019.<\/p>\n

    As of December 31, 2020, the Nicox Group had financial debt of \u20ac17.9 million consisting of \u20ac15.9 million in the form of a bond financing agreement with Kreos Capital signed in January 2019 and a \u20ac2.0 million credit agreement with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and LCL, guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic. \u00a0The position includes the prepayment to Kreos of the January 2021 period.<\/p>\n

    Events after the Reporting Period<\/strong><\/p>\n

      \n
    • VYZULTA\u00ae<\/sup> (latanoprostene bunod ophthalmic solution), 0.024%, was launched by Nicox\u2019s global partner Bausch + Lomb in Mexico.\u00a0 It is already commercialized in U.S. (2017), Canada (2019), Argentina (2020) and Hong Kong (2020), and approved in 4 other territories, Colombia, South Korea, Taiwan and Ukraine.\u00a0 Bausch + Lomb is planning to launch VYZULTA in Taiwan in 2021 and in South Korea in 2022.<\/li>\n
    • Nicox amended its bond financing agreement with Kreos Capital, introducing an additional one-year period of interest-only payments on the outstanding principal starting on February 1, 2021, and an extension of the overall period of the loan by 6 months to July 2024.\u00a0 The new one-year interest-only period is expected to provide approximately \u20ac5.5 million of additional flexibility for investment in development activities in 2021.\u00a0 The interest rate of the bonds remains unchanged as a result of this amendment.<\/li>\n
    • Pre-clinical intraocular pressure (IOP)-lowering results on a new class of non-prostaglandin analog, nitric oxide (NO)-donating compounds, was published in the Journal of Ocular Pharmacology and Therapeutics, <\/em>a leading scientific journal.\u00a0 Increased IOP is one of the principal risk factors of open-angle glaucoma.\u00a0 The NO-mediated IOP-lowering effect in this new class of compounds is enhanced by concomitant action of phosphodiesterase type-5 inhibition within the same molecule.<\/li>\n<\/ul>\n

      Key Expected Upcoming Milestones<\/strong><\/p>\n

        \n
      • NCX 470 first Phase 3 clinical trial, Mont Blanc: <\/strong>Nicox\u2019s lead clinical product candidate, NCX 470 is a novel NO-donating prostaglandin analog.\u00a0 Mont Blanc is a 3-month trial evaluating the safety and efficacy of NCX 470 ophthalmic solution, 0.1%, against latanoprost ophthalmic solution, 0.005%, for lowering of IOP in patients with open-angle glaucoma or ocular hypertension.\u00a0 Top-line results are currently expected in H1 2022.<\/li>\n
      • NCX 4251 Phase 2b clinical trial, Mississippi: <\/strong>NCX 4251 is a novel patented ophthalmic suspension of fluticasone propionate nanocrystals.\u00a0 Mississippi is evaluating once-daily dosing NCX 4251 0.1% versus placebo for the treatment of acute exacerbations of blepharitis.\u00a0 Top-line results are currently expected in Q4 2021.<\/li>\n
      • We expect to enter into additional agreements for ZERVIATE\u00ae<\/sup><\/strong> (cetirizine ophthalmic solution), 0.24%, further enlarging the licensed territories and increasing potential future revenue.<\/li>\n<\/ul>\n

        We continue to closely watch the spread and impact of the COVID-19 pandemic and we will provide an update of any delays.<\/em><\/td>\n<\/tr>\n

\n About Nicox<\/strong>\n <\/td>\n<\/tr>\n
Nicox S.A. is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health.\u00a0 Nicox\u2019s lead program in clinical development is NCX 470, a novel nitric oxide-donating prostaglandin analog, for lowering intraocular pressure in patients with glaucoma.\u00a0 The company is also developing NCX 4251, a proprietary formulation of fluticasone, for acute exacerbations of blepharitis.\u00a0 Nicox generates revenue from VYZULTA\u00ae<\/sup> in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE\u00ae<\/sup> in allergic conjunctivitis, licensed in multiple geographies, including to Eyevance Pharmaceuticals, LLC, in the U.S. and Ocumension Therapeutics in the Chinese and in the majority of South East Asian markets.\u00a0 <\/p>\n

Nicox is headquartered in Sophia Antipolis, France, is listed on Euronext Paris (Compartment B: Mid Caps; Ticker symbol: COX) and is part of the CAC Healthcare, CAC Pharma & Bio and Next 150 indexes. <\/p>\n

For more information on Nicox, its products or pipeline, please visit: www.nicox.com<\/u><\/a>.<\/u><\/td>\n<\/tr>\n

\n Analyst coverage<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/p>\n

Bryan, Garnier & Co \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Victor Floc\u2019h\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paris, France
Cantor Fitzgerald\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Louise Chen\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 New York, U.S.
Edison Investment Research Pooya Hemami\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 London, UK
H.C. Wainwright & Co\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yi Chen\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 New York, U.S.
Kepler Cheuvreux\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Damien Choplain\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Paris, France<\/p>\n

\u00a0<\/em><\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. \u00a0Nicox disavows any obligation to correct or to update the information contained in analyst reports.<\/em>\n <\/td>\n<\/tr>\n
\n Contacts<\/strong>\n <\/td>\n<\/tr>\n
\n Nicox<\/strong>
\n
Gavin Spencer
Executive Vice President, Chief Business Officer
& Head of Corporate Development\u00a0
T +33 (0)4 97 24 53 00
communications@nicox.com <\/u><\/a><\/td>\n<\/tr>\n
Investors & Media
United States & Europe
LifeSci Advisors, LLC
Mary-Ann Chang
T +44 7483 284 853
mchang@lifesciadvisors.com<\/u><\/a><\/td>\n		Media
France
LifeSci Advisors, LLC
Sophie Baumont
M +33 (0)6 27 74 74 49
sophie@lifesciadvisors.com<\/u><\/a><\/td>\n<\/tr>\n
\n Forward-Looking Statements<\/strong>\n <\/td>\n<\/tr>\n
The information contained in this document may be modified without prior notice. \u00a0This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance.\u00a0 These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.\u00a0 Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements.<\/p>\n

Risks factors which are likely to have a material effect on Nicox\u2019s business are presented in the 3rd<\/sup> chapter of the \u2018Document d\u2019enregistrement universel, rapport financier annuel et rapport de gestion 2019<\/em>\u2019 filed with the French Autorit\u00e9 des March\u00e9s Financiers<\/em> (AMF) on March 6, 2020 which are available on Nicox\u2019s website (www.nicox.com<\/u><\/a>) and as restated in the 4th<\/sup> chapter of the half yearly financial report as of June 30, 2020, which is also available on Nicox\u2019s website.<\/td>\n<\/tr>\n

\n Nicox S.A.<\/strong>
\n
Drakkar 2
B\u00e2t D, 2405 route des Dolines
CS 10313, Sophia Antipolis
06560 Valbonne, France
T +33 (0)4 97 24 53 00
F +33 (0)4 97 24 53 99<\/p>\n

\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Consolidated statements of profit or loss\u00a0 <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n As of December 31: <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\n 2019 <\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenue from collaborations<\/td>\n\n 14,423<\/strong>\n <\/td>\n\n 8,260<\/strong>\n <\/td>\n<\/tr>\n
Royalty payments<\/td>\n(1,516)<\/td>\n(1,405)<\/td>\n<\/tr>\n
\n Net profit<\/strong>\n <\/td>\n\n 12,907<\/strong>\n <\/td>\n\n 6,855<\/strong>\n <\/td>\n<\/tr>\n
Research and development expenditures<\/td>\n(12,728)<\/td>\n(17,747)<\/td>\n<\/tr>\n
Administrative expenses<\/td>\n(6,677)<\/td>\n(7,666)<\/td>\n<\/tr>\n
Other income<\/td>\n1,083<\/td>\n970<\/td>\n<\/tr>\n
Other expenses<\/td>\n(93)<\/td>\n(85)<\/td>\n<\/tr>\n
\n Operating loss before amortization of intangible assets<\/strong>\n <\/td>\n\n (5,508)\u00a0<\/strong>\n <\/td>\n\n (17,673)<\/strong>\n <\/td>\n<\/tr>\n
Amortization of intangible assets<\/td>\n(1,252)<\/td>\n(659)<\/td>\n<\/tr>\n
\n Operating loss<\/strong>\n <\/td>\n\n (6 760)<\/strong>\n <\/td>\n\n (18,332)<\/strong>\n <\/td>\n<\/tr>\n
Finance income<\/td>\n1,168<\/td>\n2,565<\/td>\n<\/tr>\n
Finance expense (1)<\/td>\n(12,478)<\/td>\n(7,013)<\/td>\n<\/tr>\n
\n Net financial income, (expense)<\/strong>\n <\/td>\n\n (11,310)<\/strong>\n <\/td>\n\n (4,446)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss before tax <\/strong>\n <\/td>\n\n (18,070)\u00a0<\/strong>\n <\/td>\n\n (22,778)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax (expense) \/ benefit (2)<\/td>\n(28)<\/td>\n3,856<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss after tax <\/strong>\n <\/td>\n(18,098)\u00a0<\/td>\n\n (<\/strong>18,922)<\/td>\n<\/tr>\n
\n Loss for the period<\/strong>\n <\/td>\n\n (18,098)\u00a0<\/strong>\n <\/td>\n\n (18,922)<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)\u00a0 <\/sup>\u00a0Finance expense in 2020 included a net loss of \u20ac (6.9) million following the divestment of the VISUfarma shareholding, \u20ac (2.2) million of loan interests paid to Kreos and \u20ac (3.4) million of foreign exchange loss. In 2019 Finance expenses included an impairment of \u20ac (6.1) million related to VISUfarma shareholding and (0.8) million of loan interests paid to Kreos.
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2)\u00a0 <\/sup>Income tax (expense) \/ benefit in 2019 included a non-cash item of \u20ac3.7 million for the first recognition of deferred tax assets related to ZERVIATE
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n

\u00a0<\/p>\n

\n CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/p>\n

\u00a0<\/td>\n

\n As of December 31:<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\n 2019 <\/strong>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-current assets<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n23,663<\/td>\n25,847<\/td>\n<\/tr>\n
Intangible assets<\/td>\n64,848<\/td>\n72,120<\/td>\n<\/tr>\n
Property, plant and equipment<\/td>\n1,166<\/td>\n1,670<\/td>\n<\/tr>\n
Non-Current financial assets (1)<\/td>\n68<\/td>\n11,023<\/td>\n<\/tr>\n
\n Total non-current assets<\/strong>\n <\/td>\n\n 89,745<\/strong>\n <\/td>\n\n 110,660<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Trade receivables<\/td>\n1,723<\/td>\n1,069<\/td>\n<\/tr>\n
Government grants receivables<\/td>\n736<\/td>\n864<\/td>\n<\/tr>\n
Other current assets<\/td>\n237<\/td>\n1,297<\/td>\n<\/tr>\n
Prepayments<\/td>\n2,630<\/td>\n814<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n47,195<\/td>\n28,102<\/td>\n<\/tr>\n
\n Total current assets <\/strong>\n <\/td>\n\n 52,521<\/strong>\n <\/td>\n\n 32,146<\/strong>\n <\/td>\n<\/tr>\n
\n TOTAL ASSETS<\/strong>\n <\/td>\n\n 142,266<\/strong>\n <\/td>\n\n 142,806<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n EQUITY AND LIABILITIES<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Shareholders\u2019 equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issued capital<\/td>\n37,030<\/td>\n33,231<\/td>\n<\/tr>\n
Share premium<\/td>\n528,595<\/td>\n518,441<\/td>\n<\/tr>\n
Cumulative translation adjustement<\/td>\n2,959<\/td>\n7,811<\/td>\n<\/tr>\n
Treasury Shares<\/td>\n(605)<\/td>\n–<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n(467,169)<\/td>\n(450,186)<\/td>\n<\/tr>\n
\n Total equity<\/strong>\n <\/td>\n\n 100,810<\/strong>\n <\/td>\n\n 109,297<\/strong>\n <\/td>\n<\/tr>\n
\n Non-current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-current financial liabilities<\/td>\n13,429<\/td>\n10,168<\/td>\n<\/tr>\n
Deferred taxes liabilities<\/td>\n11,868<\/td>\n12,964<\/td>\n<\/tr>\n
Provisions<\/td>\n754<\/td>\n549<\/td>\n<\/tr>\n
\n Total non-current liabilities<\/strong>\n <\/td>\n\n 26,051<\/strong>\n <\/td>\n\n 23,681<\/strong>\n <\/td>\n<\/tr>\n
\n Current liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current financial liabilities<\/td>\n5,646<\/td>\n2,481<\/td>\n<\/tr>\n
Trade payables<\/td>\n2,422<\/td>\n4,996<\/td>\n<\/tr>\n
Deferred income<\/td>\n5,174<\/td>\n–<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n2,163<\/td>\n2,351<\/td>\n<\/tr>\n
\n Total current liabilities<\/strong>\n <\/td>\n\n 15,405<\/strong>\n <\/td>\n\n 9,828<\/strong>\n <\/td>\n<\/tr>\n
\n TOTAL LIABILITIES AND EQUITY<\/strong>\n <\/td>\n\n 142,266<\/strong>\n <\/td>\n\n 142,806<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)\u00a0\u00a0\u00a0\u00a0\u00a0 Divestment of VISUfarma shareholding and loan notes in 2020<\/p>\n

\n

\n 1<\/sup> Net revenue consists of revenue from collaborations less royalty payments which corresponds to Net profit in the consolidated statements of profit or loss<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n Attachment<\/strong>\n <\/p>\n