Context
NICOX is a French listed, international ophthalmic company developing innovative solution to help maintain vision and improve ocular health
NICOX’s main candidate NCX470 is set to become the best-in-class in glaucoma by capitalizing on the same dual mechanism of action as first generation VYZULTA (commercialized in U.S. and Canada) while leveraging Bimatoprost’s higher efficacy compared to latanoprost
The second candidate NCX4251 could become the first treatment for blepharitis, one of the most common ocular diseases with no approved treatment yet
Follow-on Offering proceeds will be mainly used to complete the Mont Blanc trial on NCX 470; continue to progress the Denali trial on NCX 470; and finance pharmaceutical development and regulatory activities to prepare for the submission of a New Drug Application the United States Food and Drug Administration for NCX 470
Alongside the offering, NICOX entered into a restructuring of the existing debt agreement with Kreos Capital to provide for an 18-month extension of the maturity for the EUR 16 million principal remaining. The restructuring together with the private placement will extend the cash runway to Q4 2023
About Nicox
Nicox S.A. is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead program in clinical development is NCX 470, a novel nitric oxide-donating prostaglandin analog, for lowering intraocular pressure in patients with glaucoma. The company is also developing NCX 4251, a proprietary formulation of fluticasone, for acute exacerbations of blepharitis. Nicox generates revenue from VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Eyevance Pharmaceuticals, LLC, in the U.S. and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets.
Deal Team
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Bryan, Garnier & Co acts as Joint Global Coordinator and Joint Bookrunner to Nicox on its EUR 15 million Follow-on Offering of shares and warrants
Acting as Joint Global Coordinator & Joint Bookrunner alongside H.C. Wainwright, Bryan, Garnier & Co helped to deliver a €15m private placement of shares and warrants for Nicox. This is the 5th time NICOX relies on Bryan Garnier’s services for a capital raise, showcasing a full-service relationship with Research coverage and Corporate Advisory
NICOX raised EUR 15m from select Tier-1 biotech specialists, with most of funds raised allocated to US investors including anchor investor Armistice Capital. Company’s largest shareholder HBM Partners also participated to the offering
The pricing was set at EUR 2.50 (representing a 14.4% discount to last close)
The warrants’ terms were set at a 10% premium, 85% coverage and 5-year maturity
Strong aftermarket performance on the 1st day of trading: +12% vs. pricing
This is Bryan, Garnier & Co’s 14th European Healthcare capital increase in 2021 and the 7th on Euronext Paris, demonstrating Bryan, Garnier & Co’s unique ability to raise capital for European healthcare companies in a highly competitive fundraising environment
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