21/01/2021 09:46
Nicox (COX): Initiation - Focus on sight
INFORMATION REGLEMENTEE

Edison Investment Research Limited
Nicox (COX): Initiation - Focus on sight

21-Jan-2021 / 08:46 GMT/BST


 


London, UK, 21 January 2021


Nicox (COX): Initiation - Focus on sight


 


Nicox develops drugs for eye diseases, with lead candidate NCX-470 in Phase III trials targeting the topical treatment of glaucoma by utilising and expanding on an already-established dual IOP-lowering mechanistic approach. Top-line data from Mont Blanc, the first of two Phase III studies, are expected in H122, and we expect a 2024 launch and sales of over €450m in 2030 in the US and major markets. Nicox is well funded through the Mont Blanc inflection point and we derive an rNPV valuation of €304m.


 


Our Nicox valuation applies a risk-adjusted net present value (nNPV) model with a 12.5% cost of capital and includes the prospects for NCX-470, NCX-4251, and the Vyzulta and Zerviate royalties. We obtain an rNPV of €303.7m. After including €29.4m in end-FY20 net cash, we obtain an equity valuation of €333.1m or €8.99/share. We model that Nicox's funds on hand should last into H222 and that it will raise €40m between 2022 and 2024 before launching NCX-470 in 2024


 


Click here to view the full report.


 


Subscribe to Edison's content to receive reports by email.


All reports published by Edison are free-to-access and available on the website.


 


About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.


Edison is authorised and regulated by the Financial Conduct Authority.


Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.


For more information, please contact Edison:


Pooya Hemami        +1 646 653 7026


Maxim Jacobs          +1 646 653 7027


healthcare@edisongroup.com


 


Learn more at www.edisongroup.com and connect with Edison on: 


LinkedIn        https://www.linkedin.com/company/edison-group-


Twitter           www.twitter.com/Edison_Inv_Res


YouTube       www.youtube.com/edisonitv



Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service

1162176  21-Jan-2021 


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Edison Investment Research Limited







Nicox (COX): Initiation - Focus on sight

21-Jan-2021 / 08:46 GMT/BST




 



London, UK, 21 January 2021



Nicox (COX): Initiation - Focus on sight



 



Nicox develops drugs for eye diseases, with lead candidate NCX-470 in Phase III trials targeting the topical treatment of glaucoma by utilising and expanding on an already-established dual IOP-lowering mechanistic approach. Top-line data from Mont Blanc, the first of two Phase III studies, are expected in H122, and we expect a 2024 launch and sales of over €450m in 2030 in the US and major markets. Nicox is well funded through the Mont Blanc inflection point and we derive an rNPV valuation of €304m.



 



Our Nicox valuation applies a risk-adjusted net present value (nNPV) model with a 12.5% cost of capital and includes the prospects for NCX-470, NCX-4251, and the Vyzulta and Zerviate royalties. We obtain an rNPV of €303.7m. After including €29.4m in end-FY20 net cash, we obtain an equity valuation of €333.1m or €8.99/share. We model that Nicox's funds on hand should last into H222 and that it will raise €40m between 2022 and 2024 before launching NCX-470 in 2024



 



Click here to view the full report.



 



Subscribe to Edison's content to receive reports by email.



All reports published by Edison are free-to-access and available on the website.



 



About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.



Edison is authorised and regulated by the Financial Conduct Authority.



Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.



For more information, please contact Edison:



Pooya Hemami        +1 646 653 7026



Maxim Jacobs          +1 646 653 7027



healthcare@edisongroup.com



 



Learn more at www.edisongroup.com and connect with Edison on: 



LinkedIn        https://www.linkedin.com/company/edison-group-



Twitter           www.twitter.com/Edison_Inv_Res



YouTube       www.youtube.com/edisonitv
















Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service



1162176  21-Jan-2021 



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