NicOx has been reflecting on a successful 2009 which has seen the French firm raise considerable sums, cuts its expenses and move closer to the goal of getting its anti-inflammatory naproxcinod onto the market.

NicOx's net loss was 60.4 million euros in 2009, down 18.3%, helped by the completion of Phase III development of naproxcinod which has now been filed with regulators in the USA and Europe for osteoarthritis. Operating expenses totalled 66.7 million euros, a decrease of 22.8%.

Revenues were just 1.1 million euros, compared to 3.4 million euros in 2008 and they came from NicOx's now-terminated collaboration with Pfizer for a glaucoma drug though earlier this week NiCox relicensed NCX 116 to Bausch & Lomb (see link below).

The Sophia Antipolis-based group finished the year with cash and equivalents of 148.3 million euros, boosted by a two-step capital increase that raised net proceeds of 94.6 million euros toward the end of 2009. Chief executive Michele Garufi said that the filings for naproxcinod are “a very important step in the implementation of our strategy to grow NicOx into a specialty pharmaceutical company”.

Eric Castaldi, chief financial officer, added that the company has entered 2010 with a strong balance sheet, and NiCox will continue "optimising the supply chain and preparing the establishment of our future expected first sales and marketing operations in the USA.”