NicOx SA Announces Fund Raising Of € 45.5 Million By Private Placement

NicOx S.A. (Eurolist: NICOX) announces today that it has raised funds by means of a private placement, using the authorization granted by the extraordinary shareholder meeting of 1st June 2005. The gross proceeds of the share capital increase would amount to approximately € 45.5 million. The net proceeds are estimated at approximately € 43.0 million.

The share capital increase, by issuance of 4,552,000, new shares, is reserved for 43 international institutional investors (companies or investment funds) investing in the pharmaceutical/biotech sector. Subscribers to the fund raising included US and European investors. The settlement-delivery of the new shares will take place on May 3rd 2006.

NicOx intends to apply for the listing of the new shares on the Eurolist of Euronext Paris, where they will be fully fungible with the existing ordinary shares of the Company. A prospectus has been submitted for approval to the “Autorité des Marchés Financiers”.

The subscription price of the new shares, fixed on April 27 2006, in accordance with the terms of the extraordinary shareholder meeting of 1st June 2005, is € 10, including additional paid-in capital. The newly issued shares have a nominal value of € 0.2, increasing the nominal value of the share capital by € 0.91 million. Following the completion of the increase in share capital, the 4,552,000 newly issued shares represent 14.2% of the issued share capital before the increase and 12.4% after the increase.

Michele Garufi, Chairman and CEO of NicOx, said: “This important new financing, by leading investors in the life science and biopharmaceutical industry, is a significant endorsement of NicOx’ product portfolio and strategy and follows the strong confidence shown by the pharmaceutical industry in our research and technology. This new capital will allow us to accelerate and expand ongoing research and development activities and exploit the full potential of HCT 3012, our lead product for the treatment of osteoarthritis.”

NicOx (Bloomberg: COX:FP, Reuters: NCOX.LN) is a product-driven biopharmaceutical company dedicated to the development of nitric oxide-donating drugs to meet unmet medical needs. NicOx is targeting the therapeutic areas of inflammatory and cardio-metabolic diseases. Resources are focused on two lead compounds, HCT 3012, in phase 3 development for the treatment of osteoarthritis, and NCX 4016, in phase 2 for Peripheral Arterial Obstructive Disease (PAOD). NicOx has strategic partnerships with some of the world’s leading pharmaceutical companies, including Pfizer Inc. and Merck and Co., Inc.

NicOx S.A. is headquartered in Sophia-Antipolis, France, and is a public company listed on the Eurolist of Euronext Paris (segment: Next Economy).

CONTACTS: NicOx: Karl Hanks Manager of Corporate Relations and Market Analysis Tel +33 (0)497 15 22 03 hanks@nicox.com www.nicox.com