Edison Investment Research Limited 
Nicox (COX): Initiation - Focus on sight 
21-Jan-2021 / 08:46 GMT/BST 
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London, UK, 21 January 2021 
Nicox (COX): Initiation - Focus on sight 
 
Nicox develops drugs for eye diseases, with lead candidate NCX-470 in Phase III trials targeting the topical treatment 
of glaucoma by utilising and expanding on an already-established dual IOP-lowering mechanistic approach. Top-line data 
from Mont Blanc, the first of two Phase III studies, are expected in H122, and we expect a 2024 launch and sales of 
over EUR450m in 2030 in the US and major markets. Nicox is well funded through the Mont Blanc inflection point and we 
derive an rNPV valuation of EUR304m. 
 
Our Nicox valuation applies a risk-adjusted net present value (nNPV) model with a 12.5% cost of capital and includes 
the prospects for NCX-470, NCX-4251, and the Vyzulta and Zerviate royalties. We obtain an rNPV of EUR303.7m. After 
including EUR29.4m in end-FY20 net cash, we obtain an equity valuation of EUR333.1m or EUR8.99/share. We model that Nicox's 
funds on hand should last into H222 and that it will raise EUR40m between 2022 and 2024 before launching NCX-470 in 2024 
 
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1162176 21-Jan-2021

(END) Dow Jones Newswires

January 21, 2021 03:47 ET (08:47 GMT)