(News Bulletin 247) – Nicox fell heavily on the Paris Stock Exchange on Wednesday after reporting a reduction in its cash flow, even as the ophthalmology company’s revenues began to take off.
After opening slightly higher, the stock turned lower before deepening its losses throughout the morning. At 2:30 p.m., the value fell by 8.8%, showing one of the largest drops in the Paris market.
Nicox reported this morning that its cash position stood at 21.4 million euros as of March 31, compared to 27.7 million euros at the end of 2022.
Based on the development of the NCX 470 alone, its lead candidate, the company estimates funding through Q2 2024.
On the revenue side, its first quarter net revenue was €0.8 million (entirely comprised of net royalty payments) compared to €0.7 million (entirely comprised of net royalty payments) a year earlier.
Last week, Nicox soared 25% on the stock market after announcing that its Chinese partner had submitted a marketing authorization application in China for Zerviate, a treatment for eye pruritus associated with allergic conjunctivitis.
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