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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)
Edison
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
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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
Nicox’s Q222 update confirms its overall business plan and its expectation that primary efficacy data for the Mont Blanc Phase III study of lead candidate NCX-470 for the treatment of open-angle glaucoma and ocular hypertension will be released in November 2022. The Mont Blanc data release is potentially a key catalyst for the company, given NCX-470’s opportunity as a best-in-class single-agent glaucoma therapy. The company reported gross cash of €31.6m at 30 June 2022 (vs €35.1m at end-March),
Companies: Nicox SA (ALCOX:PAR)Nicox SA (0RCQ:LON)
Nicox has completed screening for additional patients for its Mont Blanc Phase III study of lead candidate NCX-470 for the treatment of open-angle glaucoma and ocular hypertension. Given that the primary efficacy endpoint measurements conclude at three months following a patient’s first NCX-470 dosing, the company now expects to report top line efficacy data in November 2022, earlier than its previous guidance of Q123. The Mont Blanc data release is potentially a key catalyst for the company, gi
Nicox’s lead candidate NCX-470 continues to advance in the Mont Blanc Phase III trial targeting the topical treatment of glaucoma, having recently reached 98% enrolment. While Mont Blanc data are still expected in Q123, the company has recently pushed back the forecast completion timeline for Denali, the second Phase III trial, and we have thus postponed our NCX-470 launch expectation into H226 (from H225). Nicox’s decision to advance NCX-4251 into dry eye disease (DED) significantly boosts the
Nicox has announced a new governance structure that will separate the functions of CEO and chairman. Andreas Segerros, an experienced global pharma executive, will become the company’s CEO effective 1 June 2022. Mr Segerros has relevant industry experience in glaucoma, given that while he was the global head of ophthalmology at Pharmacia, he helped launch Xalatan (latanoprost), the first approved prostaglandin F2α drug in the indication and the first to reach over a billion dollars in sales. Mr
Nicox announced on 9 December that it has raised €15m in gross proceeds (€13.7m net) through a private placement and restructured its bond financing agreement with Kreos Capital. Management expects these initiatives to extend Nicox’s cash runway to Q423, and thus comfortably past the top-line Mont Blanc Phase III study data readout for NCX-470 in glaucoma, expected in Q123. We expect the Mont Blanc data release to be a potential key catalyst for the company. The improved funding visibility throu
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Companies: Warpaint London PLC
Shore Capital
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
15th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
Companies: GTC SAV FAB KRM BOOM
Hybridan
Companies: SCE HVO VLG
Cavendish
Companies: IGP RUA BOOM
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
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
Companies: Cambridge Nutritional Sciences PLC
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
Companies: BILN IGP RBN SBTX
Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology. Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport. The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth. The slowdown in growth of subscribers led investors to refocus on
Companies: NBPE ICGT ARBB RECI HAT AVO VTA APAX
Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY
Companies: Diaceutics Plc
Capital Access Group
Belluscura has released a Trading Update stating that due to the delay in securing funding and Chinese NMPA approval, sales and manufacturing have been delayed by at least four months and it now expects EBITDA breakeven in Q3 and to turn cashflow positive in Q1 2025.
Companies: Belluscura PLC
Dowgate Capital
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
Companies: NTQ KMK JNEO DCTA
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