In parallel with this financing, Nicox exercised its option to extend the period of interest-only payment of its existing Kreos Capital debt by 6 months to January 1, 2024. Capital repayments will therefore recommence from February 1, 2024. This extension was conditional upon NCX 470 meeting the primary objective of non-inferiority to latanoprost in the recently reported Mont Blanc Phase 3 trial.
The Company was previously financed to mid-November 2023. Proceeds from this equity financing, together with the extension of the period of interest-only payment of the Kreos debt, are expected to extend the cash runway to mid-May 2024. This cash runway is based exclusively on the development of NCX 470. The calculation does not include any potential proceeds from the exercise of the warrants included in the private placement (the exercise of which are not under the Company’s control), which could provide an additional €11.6 million in proceeds if they were to be fully exercised.
Upcoming milestones on key development programs