Nicox fell sharply on the Paris Bourse on Wednesday, after reporting a reduction in its cash position, just as the ophthalmology company's revenues were starting to take off.

After opening slightly up, the share price turned downwards, before widening its losses throughout the morning. At 2.30pm, the stock was down 8.8%, one of the biggest declines on the Paris market.

Nicox reported this morning that its cash position stood at 21.4 million euros at March 31, compared with 27.7 million euros at the end of 2022.

On the basis of the development of NCX 470, its main candidate, the company estimates that it will be financed until the second quarter of 2024.

On the revenue side, first-quarter net sales totaled 0.8 million euros (entirely composed of net royalty payments), compared with 0.7 million (entirely composed of net royalty payments) a year earlier.

Last week, Nicox soared 25% on the stock market after announcing that its Chinese partner had submitted a marketing authorization application in China for Zerviate, a treatment for ocular pruritus associated with allergic conjunctivitis.

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