Shares in NicOx are on the rise this morning after the French biotechnology firm revealed that it has filed its investigational osteoarthritis treatment naproxcinod with regulators in Europe.

The submission to the European Medicines Agency comes after a similar application was made to the US Food and Drug Administration in September. The European marketing authorisation application in Europe is supported by data from 34 clinical trials assessing more than 4,000 patients treated with naproxcinod, the first in a new class of drugs known as CINODs (COX-inhibiting nitric oxide-donators).

Pascal Pfister, NicOx head of R&D, said the company will enter 2010 with confidence and is looking forward to working with the FDA and the EMEA during their reviews of the naproxcinod data.

The company recently completed a private placement worth about 100 million euros, backed by the Fonds Strategique d’Investissement, a French Government fund, which will invest up to 25 million euros for a 5.17% stake in NiCox. The cash will be used to advance the launch preparations for naproxcinod, which the firm believes will be a blockbuster.