Update on NicOx SA’s Business Activities

SOPHIA ANTIPOLIS, FRANCE--(Marketwire - December 01, 2011) -

PRESS RELEASE

Update on NicOx’s business activities

December 1, 2011. Sophia Antipolis, France. www.nicox.com

* Streamlining of organization to achieve strategic goals

* Discussions on strategic investment opportunities and innovative research financing continuing

* Seeking new US partner for NCX 1047

* Patient recruitment in Phase 2b BOL-303259-X glaucoma study completed

NicOx S.A. (NYSE Euronext Paris: COX) today provides an update on its activities, including a continuing reorganization of its operations aimed at streamlining the organisation and ensuring the best use of existing cash resources. In order to align NicOx’s structure with the corporate strategy, the Company is implementing a planned reduction of its workforce by approximately one third and is focusing its resources on its objective of creating a commercially-focused development organization.

Following a detailed evaluation process, the Company has initiated a number of discussions with potential targets as part of its overall objective of becoming a commercial organization. Supported by the Board of Directors and external advisors, NicOx is targeting late-stage or marketed products in specialist areas which have been identified as having growth potential.

In addition, NicOx is also continuing to explore alternative funding options to ensure the development of promising early-stage programs, including NCX 6560, in order to maximize the potential of the nitric oxide (NO)-donating research platform while preserving the Company’s cash position for investment in new areas. The Company had cash and cash equivalents of EUR96.2 million at the end of September 2011.

Following the signature of an amendment to the dermatology agreement with Ferrer Grupo, NicOx is now actively seeking a new partner for the development and marketing of NCX 1047 in the United States. NCX 1047 is an NO-donating anti-inflammatory drug developed for dermatology indications. Preclinical results obtained with NCX 1047 support the potential for a differentiated product profile.

As announced recently, the ongoing phase 2b study of BOL-303259-X conducted by Bausch + Lomb has finished recruitment. Bausch + Lomb anticipates that the study will be completed by the end of December 2011, with preliminary results expected in the first quarter of 2012. BOL-303259-X is an NO-donating prostaglandin F2- alpha analog which lowers intraocular pressure (IOP) through a dual mechanism of action. The ongoing study is intended to identify the most effective dose of BOL-303259-X, administered in the evening to patients with open-angle glaucoma or ocular hypertension, for the reduction of IOP.

NicOx’s interactions with the U.S. Food and Drug Administration (FDA) regarding naproxcinod are continuing to be assessed in light of the steps the Company initiated in July 2011. Following the withdrawal of the naproxcinod Marketing Authorization Application (MAA) in April 2011, NicOx is still evaluating its options with its advisors and with Ferrer, which has an option for the rights to naproxcinod in certain European countries.

About NicOx

NicOx (Bloomberg: COX:FP, Reuters: NCOX.PA) is a pharmaceutical company focused on the research, development and future commercialization of drug candidates. NicOx is applying its proprietary nitric oxide-donating R&D platform to develop an internal portfolio of New Molecular Entities (NMEs) for the potential treatment of inflammatory, cardio-metabolic and ophthalmological diseases.

The Company’s pipeline includes several nitric oxide-donating NMEs, which are in development internally and with partners, who include Merck (known as MSD outside the United States and Canada), Bausch + Lomb, and Ferrer.

NicOx S.A. is headquartered in France and is listed on Euronext Paris (Compartment B: Mid Caps).

This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in the forward-looking statements.

Risks factors which are likely to have a material effect on NicOx’s business are presented in the 4(th) chapter of the « Document de référence, rapport financier annuel et rapport de gestion 2010 » filed with the French Autorité des Marchés Financiers (AMF) on February 25, 2011 and available on NicOx’s website (www.nicox.com) and on the AMF’s website (www.amf-france.org).

Update on NicOx?s business activities: http://hugin.info/143509/R/1567750/487109.pdf

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Source: NICOX via Thomson Reuters ONE

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