NicOx upbeat despite 59% loss increase
French drugmaker NicOx SA says that its net loss for 2006 was 24.7 million euros ($32.4 million), up 59% from the 15.5 million euro deficit it saw in 2005. It said that this had been driven by increased R&D expenditure.
Despite the increased loss, the company remained upbeat, reporting that, as of December 31, it had cash, cash equivalents and current financial instruments of 81.7 million euros, up 91.7% on its standing at the end of 2005. The firm said that the improvement was a result of payments it received from USA-based firms Pfizer and Merck & Co, which totalled 45.5 million euros.
In addition, the Sophia Antipolis-headquartered company said that it achieved revenues of 9.6 million euros in 2006, up 47.5%, which it also attributed to its dealings with the two US drug majors.
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