The French biotechnology company, NicOx has raised enough cash in support of its launching of the hyped up pain killer drug, Naproxcinod. NicOx has been looking for several years for investors or partners that could help boost the sales of its novel pain killer in North America. Sources say it has now raised close to $60 million to help advertize the drug to all health care professionals.
Naproxcinod is believed to be better than Celebrex. Analysts claim that the drug can expect sales of close to $1 billion if it gets approval from the US Food and Drug Administration.
Many financial analysis claim that the positive funding has been because the drug has a lot of potential and can easily penetrate the North American market, where Celebrex is a top selling drug.
“Even with this funding they still need a partner, but so far nothing is clear,” said a Paris-based analyst who declined to be named. “It seems to be more complicated than expected … NicOx remains a risky bet.”
Until more data are forth coming, it is hard to know what the potential of Naproxcinod is but sources close to NicOx say it has none of the side effects that plaque Celebrex.