“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in EUR
Last close As at 26/05/2023
EUR0.58
▲ −0.01 (−1.69%)
Market capitalisation
EUR29m
France-based Nicox develops therapeutics for the treatment of ocular conditions. Lead candidate NCX-470 is in Phase III studies for the treatment of glaucoma and it is advancing NCX-4251 for dry eye disease. Nicox receives licence revenue for its FDA-approved drugs Vyzulta and Zerviate.
In addition to its established intraocular pressure lowering activity, Nicox is starting a Phase IIIb study in H123 to investigate whether NCX-470 can provide improvements to retinal perfusion, which may provide an additional protective mechanism for glaucoma treatment. Nicox had €21.4m gross cash at 31 March 2023 and has guided that it is financed into Q224, based on the development of NCX-470 alone.
Healthcare
Analyst - Healthcare
Andreas Segerros
CEO
Gavin Spencer
Executive VP and Chief Business Officer
Michele Garufi
Chairman
Forecast net debt (€m)
14.3
Forecast gearing ratio (%)
43
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 4.7 | (30.1) | (67.2) |
| Relative | 8.8 | (30.1) | (70.8) |
| 52 week high/low | €2.1/€0.6 |
Nicox develops drugs for eye diseases, with lead candidate NCX-470 targeting the topical ocular treatment of glaucoma. NCX-470 combines an NO-donating molecule with an analogue of established prostaglandin F2a drug, bimatoprost. NCX-470 0.1% showed non-inferiority compared to latanoprost 0.005% in the lowering of intraocular pressure in the Mont-Blanc Phase III study and the company is pursuing a second Phase III study (Denali). Nicox also has a Phase II stage drug candidate in NCX-4251 for dry eye disease, which it is seeking to out-license for further development. The company also receives ongoing license revenue for Vyzulta and Zerviate.
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 8.6 | (16.5) | (15.5) | (31.74) | N/A | N/A |
| 2022A | 5.2 | (21.1) | (18.3) | (33.68) | N/A | N/A |
| 2023E | 7.5 | (17.2) | (19.0) | (37.75) | N/A | N/A |
| 2024E | 9.8 | (20.3) | (23.6) | (46.52) | N/A | N/A |
