NicOx reports €9.2 million net loss in first half of 2013

Revenues for NicOx fell to €183,000 for the first 6 months of 2013, down from €7.55 million in the same period of 2012, according to a company news release. This represents a net loss of €9.2 million for the year thus far, compared with a loss of €353,000 from the same period in 2012.

The 2012 numbers were inflated by a €10 million milestone payment NicOx received from Bausch + Lomb during the first half of 2012, the release said.

NicOx reported selling expenses of €3.7 million in the first half of 2013, compared with €485,000 during the same period last year. Administrative expenses fell to €3.6 million from €4.4 million, while research and development expenses fell to €1.9 million from €3.2 million.

The company moved ahead with its plans to expand its product line during the first half of the year, Chairman and CEO Michele Garufi said in the release.

NicOx expects to launch a range of eye care products developed for a major therapeutic class during the first quarter of 2014 and has an exclusive North American deal with Immco Diagnostics related to a dry eye panel for early diagnosis of Sjögren’s syndrome, the release said.

As of June 30, NicOx had cash and cash equivalents of €67.4 million, compared with €77.5 million on Dec. 31.