Nicox Restructures Debt, Streamlines Operations to Extend Cash Runway and Focus Resources on NCX 470 Pivotal Trial

Press Release

Nicox Restructures Debt, Streamlines Operations to Extend Cash Runway and Focus Resources on NCX 470 Pivotal Trial

 

• Agreement in principle for an amendment to debt agreements for outstanding bonds
• Streamline corporate structure to focus on the completion of the second NCX 470 Phase 3 trial, Denali; concomitant reduction in the size of the Board of directors
• Cash runway extended to November 2024
• Extraordinary General Meeting to be called for 10 April 2024 on first convening

 

 

February 28, 2024 – release at 7:30 am CET
Sophia Antipolis, France

Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today announced that it has signed an agreement in principle to amend its debt agreements with funds and accounts managed by BlackRock, Inc. and its affiliates ("BlackRock")¹. The debt restructuring is intended to facilitate future financing and in parallel pursue strategic options which would allow the completion of the NCX 470 Phase 3 clinical trial, Denali.

The debt restructuring and related signature of the amended debt agreements (the “Closing”) will come into effect upon: Nicox initiating the Board-approved streamlining of its operating costs to focus on the completion of the Denali trial; and calling an Extraordinary General Meeting (“EGM") to enable future financing.

The debt restructuring together with a reduction in operating costs allows for the interest-only period on the entire outstanding debt to be continued to 30 September 2024, extending the Company’s cash runway to November 2024. Subsequently such interest only period would be further extended proportionally with future increases in the cash runway, provided however that the Company raises at least €3 million in equity financing by 30 September 2024, which would extend the cash runway into Q1 2025.

The Company’s core ophthalmology development and key corporate functions will focus on the ongoing clinical development of NCX 470 in the pivotal Denali trial, preparation of a New Drug Application (NDA) and discussions on partnering and other strategic opportunities.

“The additional cash runway and the overall reduction in cash needs gives us the flexibility to advance our core asset and continue partnering and strategic discussions. Specifically, this provides an opportunity to deliver on the promise of NCX 470 in glaucoma, and thereby to preserve and create value. We trust that our shareholders will recognize this at the Extraordinary General Meeting.” said Jean-François Labbé, Chairman of the Board of Directors of Nicox. “We sincerely thank our departing employees for their dedication and service, and wish them every success in their future endeavors. We would also like to thank the three Board members who are leaving us at this time for their contributions to the Company.”