Last close As at 05/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: Healthcare
Nicox has announced that its Chinese partner, Ocumension Therapeutics, has submitted a New Drug Application (NDA) to commercialise Zerviate (cetirizine ophthalmic solution, 0.24%) in China, for ocular itching associated with allergic conjunctivitis. Ocumension expects the review process to take around 12 months, leading to a potential launch in China in 2024. Ocumension estimates that Zerviate could potentially deliver $100m in annual sales in China within seven years. Nicox itself would be entitled to royalties between 5% and 9% of net Zerviate sales by Ocumension, as well as sales milestones up to $17.2m. We see the advancement of the Zerviate NDA as a positive development, as it should translate into an additional royalty stream for Nicox provided the Chinese NDA is approved. We believe the drug has a high likelihood of approval given that it is also approved in the US (and commercialised by Nicox’s US partner, Santen), and are also encouraged by Ocumension’s commitment to commercialising the product, as evidenced by it funding and completing its own Phase III studies in China on Zerviate.
Nicox |
Chinese partner Ocumension files Zerviate NDA |
Zerviate update in China |
Pharma and biotech |
17 April 2023 |
Share price performance
Business description
Analysts
Nicox is a research client of Edison Investment Research Limited. |
||||||||||||||||||||||||||||||||||||||
Nicox has announced that its Chinese partner, Ocumension Therapeutics, has submitted a New Drug Application (NDA) to commercialise Zerviate (cetirizine ophthalmic solution, 0.24%) in China, for ocular itching associated with allergic conjunctivitis. Ocumension expects the review process to take around 12 months, leading to a potential launch in China in 2024. Ocumension estimates that Zerviate could potentially deliver $100m in annual sales in China within seven years. Nicox itself would be entitled to royalties between 5% and 9% of net Zerviate sales by Ocumension, as well as sales milestones up to $17.2m. We see the advancement of the Zerviate NDA as a positive development, as it should translate into an additional royalty stream for Nicox provided the Chinese NDA is approved. We believe the drug has a high likelihood of approval given that it is also approved in the US (and commercialised by Nicox’s US partner, Santen), and are also encouraged by Ocumension’s commitment to commercialising the product, as evidenced by it funding and completing its own Phase III studies in China on Zerviate.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
8.6 |
(15.5) |
(0.32) |
0.0 |
N/A |
N/A |
12/22 |
5.2 |
(18.3) |
(0.34) |
0.0 |
N/A |
N/A |
12/23e |
7.5 |
(19.0) |
(0.38) |
0.0 |
N/A |
N/A |
12/24e |
9.8 |
(23.6) |
(0.47) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. Revenue figures reflect gross revenues.
The Zerviate NDA in China is supported by the existing data package licensed by Nicox to Ocumension (which supported the US NDA filing by Eyevance prior to its acquisition by Santen) and an additional Chinese Phase III Zerviate clinical trial funded and operated by Ocumension. This study comparing Zerviate to antihistamine drug emedastine difumarate, 0.05%, started in Q420 and results, reported in Q122, showed that Zerviate was non-inferior to emedastine difumarate in the primary efficacy endpoint of change from baseline in the itching score in the 24 hours prior to the day 14 visit. Zerviate was also safe and well-tolerated, and compared to emedastine difumarate, there was no difference in the proportion of patients experiencing adverse events.
Market research compiled by China Insights Industry Consultancy suggests that the prescription market for allergic conjunctivitis products in China will exceed $460m in 2030. What sets Zerviate apart from other approved anti-allergy drugs is that it is the only topical anti-allergy drug that is based on an existing approved oral product (oral cetirizine is marketed in the US under the Zyrtec brand by Johnson & Johnson), and this familiarity may potentially help its positioning with primary care providers. We note that Zerviate sales in the US have been relatively modest, but the US ocular allergy market is very competitive and the standard of care in mild-to-moderate ocular allergy is drugs that combine antihistamine properties with mast cell (MC) stabilisation, including OTC drugs like Pataday. As we believe the Chinese market has fewer approved ocular drugs targeting both mechanisms, there may be a greater opportunity for Zerviate in this market.
|
|
Research: Industrials
Creotech Instruments is Poland’s leading space tech company, founded in 2012 by alumni of CERN, the European Organization for Nuclear Research. In July 2022, the company’s shares transferred to the main market of the Warsaw Stock Exchange’s following a PLN40m (gross) capital raise. With significant flight heritage, it is developing proprietary microsatellite subsystems and platforms for commercial sales from 2023. Creotech is one of only a few companies worldwide that is developing controls for quantum computers and quantum telecommunications. It is also active in earth observation, processing satellite and unmanned aerial vehicle (UAV) data. A key catalyst should be the planned launch of its low Earth orbit (LEO)-microsatellite platform, HyperSat, late in 2023 or early 2024.