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Nicox reports €4.6 million net loss for first three quarters of 2012

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Nicox recorded a net loss of €4.63 million during the first 9 months of 2012, down from €10.36 over the same period in 2011, according to a news release.

The company generated €7.6 million in revenue for the first 9 months of 2012, compared to zero revenue in the first 9 months of 2011. The 2012 revenue is principally related to a one-time $10 million milestone payment from Bausch + Lomb for the continued development of BOL-303259-X.

Nicox’s selling expenses for the first three quarters increased from €1.279 in 2011 to €4.007 in 2012, while research and development expenses fell from €7.16 in 2011 to €4.518 in 2012.

“We recently built a specialized sales team in the U.S. and launched our first commercial product in this market,” Nicox chairman and CEO Michele Garufi said in the release. “We continue to evaluate additional ophthalmic assets to fully leverage our new commercial structure and create a portfolio of products for the U.S. and as well for the future European operations.”

As of Sept. 30, Nicox had cash and cash equivalents of €81.8 million, compared to €93.1 million on December 31, 2011, according to the release.