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NicOx reports €4.2 million quarterly net profit, up €8 million from last year
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SOPHIA ANTIPOLIS, France — A decision by Bausch + Lomb to continue development of BOL-303259-X and a corresponding $10 million milestone payment constitute much of the €7.5 million in first-quarter revenue and €4.2 million in net profit for NicOx, according to a press release from NicOx.
BOL-303259-X is a nitric oxide-donating prostaglandin analogue developed for the potential treatment of glaucoma and ocular hypertension that was licensed to Bausch + Lomb by NicOx in 2010.
“NicOx made good progress during the first quarter of 2012, which was marked by the company's first step towards building an international ophthalmology company and by Bausch + Lomb's decision to progress BOL-303259-X into phase 3, which supports the potential of our R&D platform in ophthalmology,,” Michele Garufi, chairman and CEO of NicOx, said in the release.
The firm is working to position itself as a mid-sized international specialist pharmaceutical company in the growing ophthalmology market, according to the release.
“We are in advanced discussions with a number of parties to secure additional acquisition and in-licensing deals to build a diversified, late-stage ophthalmic portfolio with a clear route to commercialization in the major markets," Mr. Garufi said in the release.
For the quarter, the company’s research and development expenses dropped to €1.3 million from €2.8 million in the same quarter last year, the release said. Administrative expenses fell about €100,000 to €929,000.
Selling expenses more than tripled to almost €1.6 from €423,000, mostly related to communication and business development activities, according to the release.