Nicox: Business Update and 2016 Financial Results
Press Release | |
Nicox: Business Update and 2016 Financial Results
| |
March 31, 2017
Sophia Antipolis, France Nicox S.A. (Euronext Paris: FR0013018124, COX), the international ophthalmic R&D company, today announced its financial and operating results for the year ended December 31, 2016, as approved by the Board of Directors on March 29 , 2017, and provided an overview of its milestones and activities. "The transfer of commercial operations has allowed Nicox to refocus resources on its global therapeutic R&D pipeline. The recent resubmissions of the Vyzulta TM and ZERVIATE NDAs give Nicox the potential for two product approvals in 2017, both of which are expected to be sources of significant recurrent revenue for the company," said Michele Garufi, Chairman and Chief Executive Officer of Nicox. "In addition, the advancement of the pre-IND activities for both NCX 4251 and NCX 470 means we now also have two products poised to enter proof-of-concept clinical trials in the next 12 months, whilst our research team is continuing to work on novel programs utilizing our nitric oxide-donating technology. 2017 should be a transformational year for the company, and we are well positioned to continue to grow as a major R&D player in the ophthalmic space." Key upcoming milestones
Following reclassification of the European commercial business as Discontinued Operations, the operating profit and loss account items described below include only the Continuing Operations.
The Group had cash, cash equivalents and financial instruments of €28.9 million as of December 31, 2016, compared to €29.7 million on December 31, 2015. Notes:
| |
About Nicox | |
Nicox is an international ophthalmic R&D company utilizing innovative science to maintain vision and improve ocular health. By leveraging its proprietary expertise in nitric oxide donation and other technologies, the Company is developing an extensive portfolio of novel therapies that target multiple ophthalmic conditions, including glaucoma. Nicox currently has two products at the pre-approval stage with the U.S. Food and Drug Administration (FDA) and a promising pipeline including next-generation stand-alone nitric-oxide donors, with the potential to treat a range of ophthalmic indications. 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.
For more information on Nicox, its products or pipeline, please visit: www.nicox.com . | |
Analyst coverage | |
Bryan, Garnier & Co Hugo Solvet Paris, France
Invest Securities Martial Descoutures Paris, France Gilbert Dupont Damien Choplain Paris, France Stifel Christian Glennie London, UK | |
Upcoming financial and business conferences | |
April 4-5 Needham's 16 th Annual Healthcare Conference New York, US April 18-19 Small Cap Event Paris, France May 3-4 Deutsche Bank 42 nd Annual Health Care Conference Boston, US May 22-23 BioEquity Europe Paris, France May 30 Gilbert Dupont 15 th Annual Healthcare Conference Paris, France June 19-22 2017 BIO International Convention San Diego, US | |
Contacts | |
Nicox
Gavin Spencer, Executive Vice President Corporate Development T +33 (0)4 97 24 53 00 communications@nicox.com | |
Investor Relations
Europe NewCap Julien Perez, Valentine Brouchot T +33 (0)1 44 71 94 94 nicox@newcap.eu |
Media Relations
United Kingdom Jonathan Birt T +44 7860 361 746 jonathan.birt@ymail.com |
United States
Argot Partners Melissa Forst T +1 (212) 600-1902 melissa@argotpartners.com |
France
NewCap Nicolas Merigeau T +33 (0)1 44 71 94 98 nicox@newcap.eu |
United States
Argot Partners Eliza Schleifstein T +1 (917) 763-8106 eliza@argotpartners.com | |
Disclaimer | |
The information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. 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. 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.
| |
Nicox S.A.
Drakkar 2 Bât 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 |
Consolidated statement of Comprehensive Income - December 31, 2016
As of December 31, | ||
2016 | 2015 restated 1 | |
(in thousands of € except for per share data) | ||
Revenues | 16 | 67 |
Gross Margin | 16 | 67 |
Selling expenses | - | (1,194) |
General and administrative expenses | (8,617) | (9,674) |
Research and development expenses | (12,168) | (6,159) |
Other operating income | 770 | 994 |
Other operating expense | (525) | (543) |
Total operating income (loss) before fair value changes of contingent consideration ,and impairment of intangible asserts | (20,525) | (16,509) |
Fair value changes of contingent considerations | 12,741 | (4,215) |
Impairment of intangible assets | - | - |
Total operating income (loss) | (7,784) | (20,723) |
Finance income | 1,202 | 1,514 |
Finance costs | (107) | (543) |
Net finance revenues | (1,094) | 972 |
Loss before tax | (6,690) | (19,752) |
Income tax | (52) | - |
Loss from continuing operations | (6,742) | (19,752) |
Loss from discontinued operations | (12,293) | (8,187) |
Net loss of the year | (19,035) | (27,939) |
Attributable to owners of the Company | (19,035) | (27,939) |
Total comprehensive income (loss) for the period, net of tax | (0,80) | (1,25) |
Basic/diluted earnings per share from continuing operations (€/share) | (0,28) | (0,88) |
Basic/diluted earnings per share from discontinued operations (€/share) | (0,51) | (0,37) |
1 Following Nicox European commercial operations divestment
consolidated Statement of Financial Position - December 31, 2016
As of December 31, | ||
2016 | 2015 | |
(in thousands o f €) | ||
ASSETS | ||
Non-current assets | ||
Goodwill | 27,546 | 32,245 |
Intangible assets | 77,654 | 92,141 |
Property, plant and equipmenta | 204 | 866 |
Other investments, including derivatives | 12,652 | 253 |
Total non-current assets | 118,056 | 125,505 |
Current assets | ||
Inventories | - | 948 |
Trade receivables | 104 | 3,027 |
Subsidies receivables | 396 | 727 |
Other receivables | 1,164 | 3,013 |
Other current assets, including derivatives | - | 532 |
Prepayments | 168 | 526 |
Cash and cash equivalents | 28,859 | 29,070 |
Total current assets | 30,692 | 37,843 |
TOTAL ASSETS | 148,748 | 163,348 |
EQUITY AND LIABILITIES | ||
Equity attributable to equity holders of the parent | ||
Share capital | 25,005 | 22,870 |
Premium related to share capital | 483,745 | 469,119 |
Currency translation adjustment | 11,868 | 10,049 |
Tresury shares | (478) | (458) |
Consolidates reserves | (396,555) | (372,310) |
Net income/(loss) | (19,035) | (27,939) |
Total Equity | 104,549 | 101,331 |
Non-current liabilities | ||
Non-current financial debts | 30 | 1,567 |
Non-current liabilites related to business combination | 923 | 2,066 |
Deferred tax liabilites | 29,409 | 30,759 |
Non-current provisions | 456 | 617 |
Total non-current liabilities | 30,819 | 35,009 |
Current liabilities | ||
Current financial debts | 32 | 308 |
Current liabilites related to business combination | 5,234 | 16,832 |
Trade payables | 1,338 | 5,364 |
Deferred income/revenue | 4,275 | 2 |
Provisions | 40 | - |
Other current liabilities | 2,462 | 4,502 |
Total current liabilities | 13,380 | 27,008 |
TOTAL EQUITY AND LIABILITIES | 148,748 | 163,348 |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NICOX via GlobeNewswire
Upcoming Life Sciences Events
- April 2024
- London: LSX World Congress
- May 2024
- Seoul: BIO KOREA 2024
- Biotechgate Digital Partnering May 2024