Nicox SA announced the signing of a new agreement concerning NCX 470 with Kowa, a Japanese company. The agreement, worth up to 191.5 million euros, grants Kowa exclusive rights to develop and commercialize NCX 470, Nicox's nitric oxide-donating bimatoprost eye drop, for the lowering of intraocular pressure in patients with glaucoma or ocular hypertension in the U.S. and all other territories of the world excluding Japan, China, Korea and Southeast Asia. Kowa will assume responsibility for the preparation and filing costs of the U.S. NDA for NCX 470, and all future development and commercial costs.
Nicox will receive an upfront payment of 7.5 million euros upon signing the agreement. The total potential development and sales milestones payments will be either 127 million euros or 191.5 million euros, depending on the outcome of the Denali clinical trial. Kowa will pay Nicox tiered royalties in the U.S. which could reach 20% of net sales. Outside of the U.S., Nicox will receive tiered royalties ranging from single-digit to double-digit percentages.
"With NCX 470 now globally licensed, we are focused on delivering the Denali Phase 3 results, which we anticipate releasing mid-August to mid-September," said Gavin Spencer, CEO of Nicox.
Based on the current cash position, expected revenue and anticipated milestone payments, Nicox forecasts that it has over 12 months of cash at the date of signature of the agreement.
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