NicOx' 1st-half net loss widens to 33.1M euros
NicOx' revenues for the first half of 2008 were 2.2 million euros ($3.5 million), an 80.3% decline on the like period last year, due to less payments received from the French drug developer's partners, Merck & Co and Pfizer.
Operating costs grew 71.3% to 40.6 million euros due to the Phase III trials and overall development of naproxcinod, NicOx' lead drug candidate, for the treatment of the signs and symptoms of osteoarthritis. The company, which is hoping the drug will generate its first ever sales, saw net loss more than quadruple year-on-year, widening to 33.1 million euros from 6.6 million euros.
Company chief executive Michele Garufi said the firm remains focused on finalizing its planned New Drug Application for submission of naproxcinod with US regulators in mid-2009. Late-stage data on the drug are scheduled to be released in the second half of 2008.
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