NicOx (NICXF.PK) posted net loss of 16.64 million euros for 2011 compared to loss of 43.95 million euros last year, reflecting significant reduction in all the operating expenses following the restructuring implemented after the decision of the FDA not to approve naproxcinod in July 2010. Loss per share for the year narrowed to 0.23 euros from 0.61 euros in the prior year.
The company did not record any revenues for 2011 versus 7.4 million euros in 2010, which related to the initial license payment received from Bausch + Lomb as part of the worldwide licensing agreement signed in March 2010.
Eric Castaldi, chief financial officer of NicOx, said, "As a result of our reorganization and cost base reduction, our cash burn decreased significantly in 2011. We plan to continue our focus on cost control while ensuring the best strategic use of our resources, as we ended 2011 with cash and cash equivalents of more than EUR93 million."
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