NicOx' FY 2007 income doubles, big year ahead
French drug development firm NicOx SA's full-year 2007 revenues increased to 20.6 million euros ($31.3 million) from 9.6 million euros in the prior year, due to payments from US drug majors Pfizer and Merck & Co.
During the period, operating expenses totaled 57.8 million euros versus 36.3 million euros in 2006 due to spending on the late-stage development of the firm's lead product, the painkiller naproxcinod for the signs and symptoms of osteoarthritis, while net loss increased to 32.1 million euros from 24.7 million euros. "We envision that 2008 will be a transformational year for NicOx. We expect to complete the pivotal Phase III program for naproxcinod, including a pooled analysis of the Office Blood Pressure Measurements, ahead of a projected New Drug Application filing in mid-2009," said company chief executive Michele Garufi.
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