Nicox Names New CEO; Restructures Debt to Focus on NCX 470 Pivotal Trial
Nicox announced this week that its Board of Directors has promoted Gavin Spencer to Chief Executive Officer. He previously served as Executive Vice-President, Chief Business Officer & Head of Corporate Development. Mr. Gavin will be replacing Andreas Segerros, whose mandate was terminated by the board,
“I am delighted to welcome Gavin Spencer to his new role as CEO of Nicox. Gavin brings exhaustive industry experience, particularly related to strategic partnership agreements and financing. He has a deep understanding of Nicox and how to deliver on the company’s potential, having been involved in all aspects of our activities over many years," Jean-François Labbe, Chairman of the Board of Directors of Nicox, said in a company news release. "We have reported positive results on our lead asset NCX 470 in its first phase 3 trial in glaucoma, and Gavin’s initial focus will be on enabling Nicox to generate the additional data necessary for a new drug application for NCX 470. Gavin’s financial experience will be vital in moving this process forward, and his finesse and judgement will be equally important in our strategic and partnering discussions."
“It is an exciting time for Nicox as we move towards the phase 3 data from the second pivotal glaucoma trial of NCX 470, Denali, which we are conducting with our long-term Chinese partner, Ocumension Therapeutics. Interest in this innovative compound has been further validated by our recently announced Japanese licensing agreement with Kowa," Mr. Spencer said. "While our re-negotiated debt agreement, also announced today, provides us valuable additional cash runway, we are working to put financing in place to complete the Denali trial. With full data from this trial, we believe we will be in a position to partner this innovative treatment for glaucoma in other territories, including the United States. Added to our current licensing revenue from Vyzulta and Zerviate, existing and future NCX 470 partnerships would generate additional royalty revenue on sales which we forecast could exceed $300 million worldwide, within 8 years of the date of launches in the U.S. and China."
Nicox anounced a debt restructuring agreement and downsizing plan that is intended to facilitate future financing and to pursue strategic options that would allow the completion of the NCX 470 phase 3 clinical trial, Denali. The debt restructuring will extend the company’s cash runway to November 2024. Nicox said it is pursuing business development discussions, including the sale or license of certain assets, and exploring multiple strategic options which could further extend the cash runway. As part of the cost reduction and downsizing, Adrienne Graves, Lauren Silvernail, and Luzi von Bidder have tendered their resignation, effective immediately. These members will not be replaced on the Board of Directors.