Nicox - Eye health portfolio targets large markets

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 commercial prospects of this proprietary corticosteroid formulation, as over 30 million people in the United States experience DED. We derive a risk-adjusted NPV (rNPV) valuation of €298m, up from €294m previously.

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