Nicox shares are soaring on the Paris Bourse this Friday, after the ophthalmology company announced that its Chinese partner had submitted a marketing authorization application in China.

At 10:45 a.m., shares in the Sophia Antipolis-based company were up 32%, with trading volumes already almost 10 times those of the previous day's session.

In a press release issued this morning, Nicox indicated that Ocumension Therapeutics had submitted a marketing authorization application in China for Zerviate in the treatment of ocular pruritus associated with allergic conjunctivitis.

The approval process is expected to take around 12 months, suggesting a potential commercial launch of Zerviate in China during 2024.

Bringing the ophthalmic solution to market would provide Nicox with a new source of revenue in the form of royalties based on potential annual net sales.

According to Ocumension, these could reach over $100 million within seven years.

With all commercialization costs to be borne by Ocumension, Nicox could potentially receive milestone payments of up to $17.2 million, as well as royalties of between 5% and 9% on net sales of the product.

Ocumension plans to manufacture Zerviate, originally discovered by Nicox but licensed to Ocumension in Asia, at its new facility in Suzhou, China.

Copyright (c) 2023 CercleFinance.com. All rights reserved.