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Milestone payment improves 2012 revenue, net loss at Nicox

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Nicox recorded revenue of €7.6 million in 2012 after recording no revenue in 2011, according to a company news release.

The revenue increase was largely related to a $10 million milestone payment from Bausch + Lomb, which opted to continue developing latanoprostene bunod, a glaucoma drug candidate. As a result, there was a net loss of €10.2 million in 2012 compared with a net loss of €16.6 million in 2011 for Nicox.

Research and development expenses fell to €6.47 million in 2012 from €9 million in 2011, while administrative expenses increased to €7.62 million from €5.93 million and selling expenses increased to €2.63 million from zero.

The increase in selling expenses resulted from the development of a commercial organization to market AdenoPlus, a test designed to help in the differential diagnosis of acute conjunctivitis.