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Nicox has reported that an in vivo study carried out in beagles found that NCX-470 (0.1%) treatment led to a greater degree of intraocular pressure (IOP) reduction compared to AbbVie’s Lumigan (bimatoprost 0.01%), the best-selling branded prostaglandin F2α analogue (PGA) drug, in both single and repeated (five-day) dosing. The newly reported data from the open-label cross-over study assessing NCX-470, Lumigan and vehicle were published in the peer-reviewed Journal of Ocular Pharmacology and Ther
Companies: NicOx
Edison
At its Q323 update Nicox reiterated its guidance that it expects to report primary efficacy data for the Denali study in 2025. Denali is the company’s second Phase III study assessing lead candidate NCX-470, a nitric oxide (NO) donating bimatoprost, in the treatment of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension (OHTN). The next clinical catalyst is the initiation of the Phase IIIb Whistler trial in Q423, which aims to assess NCX-470’s dual mechanisms of
Nicox has provided a preliminary Q223 update, with net revenue (primarily consisting of net royalties attributable to net sales of Vyzulta by global licensee Bausch + Lomb, or B+L) of €0.9m, up from €0.7m in Q222. Total US Vyzulta prescriptions grew 26% in Q223 (vs 23% in Q122 and 25% in Q422). Importantly, the company reiterated its guidance that it expects to complete the Denali study in 2025. Denali is the company’s second Phase III study assessing lead candidate NCX-470, a nitric oxide (NO)
Nicox provided details of a US market survey evaluating the commercial potential of its lead candidate, NCX-470, a nitric oxide (NO) donating bimatoprost designed for the treatment of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension (OHTN). The independent market research agency commissioned by Nicox confirmed that NCX-470’s therapeutic profile, as shown in prior studies including the Phase III Mont Blanc trial, was positively received by stakeholders. Togethe
We are adjusting our assumptions for Nicox’s strategy for lead candidate NCX-470. We now assume the company will rely on external partners or licensees to market the drug for treating glaucoma and ocular hypertension (OHTN), rather than develop resources and infrastructure to commercialise the drug internally. We have increased our NCX-470 forecasts for China, offset by more conservative assumptions in Europe. We have also raised our estimates for licence revenue for Zerviate sales in China foll
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 enti
Companies: NicOx (COX:EPA)Nicox SA (ALCOX:PAR)
Nicox’s headline FY22 results were in line with the Q422 update provided in January, although greater clarity on gross product sales royalties suggests that Vyzulta sales traction is stronger than we had anticipated. Gross product sales-related licensing revenue came in at €5.2m (+39% year-on-year), the bulk of which we assume was derived from Vyzulta royalties, above our €4.9m estimate. We modestly increased our Vyzulta forecasts, although we note that NCX-470 remains the primary driver for our
Nicox has provided a preliminary Q422 update, reporting a c 38% y-o-y increase in FY22 net royalty payments to €3.3m, including a c 100% y-o-y elevation in Q422 net royalties to €1.0m. Nicox receives recurring royalty revenue from the sales of two out-licensed commercial-stage products, Vyzulta (latanoprostene bunod) and Zerviate (topical cetirizine), and we believe this yearly increase is largely due to strengthened Vyzulta-related revenue, as total US Vyzulta prescriptions grew 25% in Q422 (vs
Nicox announced a €10m private placement equity financing transaction, resulting in €8.9m in net proceeds. With the company extending the interest-only payment period of its existing Kreos Capital debt by six months (to January 2024), it has extended its estimated cash runway (based on the development of NCX-470 alone) to mid-May 2024, from mid-November 2023, previously. Altogether, Nicox issued 6.849m shares at an offering price of €1.46 per share (a 14% discount to the 21 November closing pric
Following positive Mont Blanc NCX-470 Phase III results, Nicox is actively exploring commercial partnerships for NCX-470 in both the US and Japanese markets. We believe this is a sound strategy as effective commercial positioning will be key in differentiating NCX-470 from other prostaglandin F2α analogue (PGA) drugs, given that despite meeting the primary efficacy endpoint, NCX-470 did not demonstrate statistical superiority vs latanoprost in Mont Blanc. We have adjusted our rNPV to €190.4m (vs
Nicox’s Mont Blanc Phase III study of NCX-470 0.1% met the primary efficacy endpoint of demonstrating non-inferiority to latanoprost 0.005% for the reduction in intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Given the favourable safety profile also shown, these results bode well for the product’s likelihood of obtaining FDA approval, provided the second Phase III study, Denali, demonstrates similar efficacy parameters (results expected by Nicox after 2024
Nicox expects to report top-line primary efficacy results in early November from its Mont Blanc Phase III study of lead drug candidate NCX-470, being advanced for the treatment of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension (OHTN). We provide a preview of the upcoming readout and review some competing drug candidates in the therapeutic landscape. Positive Mont Blanc study data, demonstrating superior IOP-lowering efficacy to latanoprost, would
Nicox reported H122 results with operating cash burn rates mildly above our assumptions, while maintaining its guidance that its funds on hand should be sufficient to maintain operations into Q423, based on the development of NCX-470 alone. The company has pushed back its expected timeline for the release of primary efficacy data from the Denali NCX-470 Phase III study to after 2024 (from ‘after 2023’). Nicox has also decided to partner NCX-4251, its dry eye disease (DED) product candidate, for
Research Tree provides access to ongoing research coverage, media content and regulatory news on NicOx. We currently have 15 research reports from 2 professional analysts.
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
Companies: Warpaint London PLC
Shore Capital
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Companies: e-Therapeutics plc
Companies: IGP RUA BOOM
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total
ANGLE’s investment case rests on where Parsortix’s position in mainstream cancer diagnostics eventually lands. The place of liquid biopsies is now established and, increasingly, the additional clinical value that CTC (circulating tumour cells) assays bring is becoming clear. Addressing the many, varied opportunities directly is challenging and time consuming, with numerous barriers to overcome. Management is creating industry awareness through its demonstration and acceleration activities, which
Companies: ANGLE plc
Trinity Delta
Companies: Futura Medical plc
Liberum
23rd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Bidstack Group (BIDS.L) has left the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to
Companies: ELCO BOIL SAR GTC WJG CCS AREC
Warpaint London's strategy is to provide customers with access to an extensive range of high-quality and affordable cosmetics. Its focus has been to develop its flagship brand, W7, while capitalising on the growth potential of e-commerce and international expansion. Although the pandemic caused the temporary closure of a number of customer retail outlets, the business remains in a strong position thanks to management’s agility. Cash has been conserved and the business is now debt free. Given its
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