The increase results from the recognition as revenues during the first quarter of 2010 of EUR7.42m corresponding to the initial license payment received from Bausch + Lomb following the signature of a licensing agreement in March 2010 that granted Bausch + Lomb exclusive worldwide rights to develop and commercialise NCX 116.
NicOx has posted a net loss of EUR7.16m for the first quarter 2010, compared EUR11.2m for the comparable period in 2009. Operating loss was EUR7m, compared to EUR12m for the comparable period in 2009.
Michele Garufi, CEO of NicOx, said: “The first quarter of 2010 was marked by the signature of the Worldwide Licensing Agreement with the leading eye health company Bausch + Lomb for our glaucoma candidate NCX 116.
“Moreover, with naproxcinod under review by the relevant Authorities both in the US and in Europe, the entire company has been fully committed and engaged by continuous interactions with the FDA and the EMA and, in particular, in the preparation of the upcoming FDA Advisory Committee meeting of May 12.”