NicOx optimistic for 2008 despite the expected loss

NicOx expects a further increase in its loss in 2008 but this situation not worried about the biotechnology company believes that the anti-inflammatory Naproxcinod, its main drug in development, could become a "blockbuster". In 2007, the net loss was dug NicOx to 32.1 million euros, against 24.7 million in 2006. "It is expected that losses in 2008 even higher than those of 2007 because this will be the last year for investment to complete Phase III of Naproxcinod. Afterwards, it is hoped that the product will be registered and having no loss," said Michele Garufi, Chairman and CEO of NicOx. In a telephone interview given to Reuters, said Michele Garufi expect 2008 with "optimism", considering that marketing of Naproxcinod will restore color to the shares. The latter, who has lost 48% in 2007, to 11:30 posted a price of 10.11 euros (-5.51%). Besides Naproxcinod NicOx has committed, as part of a collaboration with Pfizer, a Phase II for treatment of glaucoma and is working with Merck on hypertension. PFIZER, A SHAREHOLDER LIABILITIES For all these projects, estimated NicOx today "to be very well-funded" and does not therefore at the moment to increase its capital. "A capital increase in 2008 is not in our plan right now. Right now it is very well funded, but things can change very quickly in the event that there is good news. In biotechnology companies, the capital increase is one of our means of survival and progress, "said Michele Garufi. In addition, it avoids the danger of a takeover bid including a possible takeover of Pfizer seen by analysts. The American world No 1 in the sector, holds less than 3% of the capital of NicOx and Michele Garufi says he never discussed with him from any increase in this share. "These are very passive shareholders," says Michele Garufi, considering that a hostile takeover is not possible in the area of pharmacy. "The takeover could still happen but it will not happen in a way hostile. Day or somebody will want to buy us, it m'appellera personally and we will talk. After it is the shareholders who accept a possible offer. "Until now I have never received any offers," he continued, saying "it had no intention to sell the company he created. NAPROXCINOD WILL BE THE CO-COMMERCIALISÉ Regarding the anti-inflammatory Naproxcinod, Michele Garufi was convinced that he could "easily" become a "blockbuster" and achieve global sales of more than one billion euros. All clinical trials relating to Naproxcinod will be completed before Christmas 2008 and the drug should be subject to American health authorities to the summer 2009, confirms the CEO. "There is no market for this product alone. It will be a part of the marketing rights in the United States and Europe, but we need a major partner that can help us to commercialize in the United States and in major European countries," "he says. "There has been a lot of interest," he says simply stating that the partner in question "will not be Pfizer" has a portfolio of the Celebrex. "We are not going to give Naproxcinod a competitor," he begins. Finally, says Michele Garufi consider several ways to increase the profitability of the sales force selling the Naproxcinod such as the acquisition of companies with products having synergies with this anti-inflammatory: "We follow all the tracks with different funding because it is important to create a portfolio of products".
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