Nicox Announces up to €3 million in Milestone Payments from Kowa in 2025 as NCX 470 Prepares to Enter Phase 3 Clinical Trials in Japan

Core Points - Nicox SA has announced that its exclusive Japanese partner Kowa has received approval to initiate Phase 3 clinical trials for NCX 470, which will trigger a €1 million milestone payment to Nicox [1][5] - A total of €3 million in milestone payments from Kowa is expected in 2025, which will extend Nicox's cash runway until at least the end of 2025 [2][3][5] - NCX 470 is a novel NO-donating bimatoprost eye drop aimed at treating ocular hypertension and is currently in Phase 3 clinical development [8][9] Company Developments - The initiation of Phase 3 clinical trials for NCX 470 in Japan is expected in the second half of 2025, with a second milestone payment of €2 million upon initiation [1][6] - Nicox licensed the rights to develop and commercialize NCX 470 in Japan to Kowa in February 2024, with potential additional milestone payments of up to €7 million and tiered royalties from 7% to 12% on net sales [7][9] - The ongoing Denali Phase 3 clinical trial is evaluating NCX 470 in patients with open-angle glaucoma or ocular hypertension, with topline results expected in Q3 2025 [6][8] Financial Outlook - Based on current cash position and anticipated milestone payments, Nicox estimates it is financed until the end of 2025 [3] - The company generates revenue from other products, including ZERVIATE® and VYZULTA®, which are licensed in multiple geographies [9]