Nicox Repays Kreos Debt and Secures Financing Through 2027
Ophthalmology company Nicox has announced the full repayment of its secured debt with Kreos Capital and has obtained a new bond financing of 4 million euros. This operation extends the group's cash horizon beyond the end of 2027, according to the press release.
Complete Repayment of Secured Debt
Nicox has repaid the entirety of its debt with funds and accounts managed by Kreos Capital using its available cash as of December 31, 2025, the company states. This long-term secured debt, initially contracted in 2019 for a total amount of 20 million euros, has thus been settled. This repayment results in the lifting of all securities on Nicox's assets and terminates Kreos Capital's right to appoint an auditor to the board of directors. As of December 31, 2025, Nicox's residual debt amounted to 0.3 million euros, corresponding to the balance of a COVID loan, which will be repaid by the end of August 2026 using available cash, the group specifies.
New Bond Financing Without Securities
Concurrent with the repayment, Nicox has concluded an unsecured bond financing with a group of European investors, including current financial partner Vester Finance. This financing includes an issuance of convertible bonds worth 3 million euros and an issuance of simple bonds, subject to certain suspensive conditions, worth 1 million euros. The convertible bonds, with a nominal value of 10 euros each, were subscribed at 92% of their nominal value, totaling 3,000,028 euros paid in full on the day of subscription. These bonds carry no interest or securities and are convertible at any time. The simple bonds, with a nominal value of 9.20 euros each, were subscribed at 100% of their nominal value for 1,000,003.20 euros. After 24 months from the date of issuance, the bonds are redeemable at 100% of their nominal value for those not converted, according to the press release.
Funding Operations Beyond 2027
Based on expected milestone payments, including the submission of the marketing approval application for NCX 470 in the United States and a standard 12-month review period, the announced financing and the repayment of the Kreos Capital debt are expected to fund the company's operations beyond the end of 2027, Nicox estimates. The group plans to file an NDA for NCX 470 in the United States in the summer of 2026, based on a pre-NDA meeting scheduled for the first quarter of 2026. An NDA filing for NCX 470 in China is expected shortly after the American submission. The phase 3 clinical program for NCX 470 in Japan, initiated in the summer of 2025, is managed and financed by Kowa, the company indicates. The company also specifies that the PACEO equity financing line announced in March 2025 and extended in August 2025 with Vester Finance is now closed. It allowed Nicox to raise 3.9 million euros following the issuance of 15,000,000 new shares.
