NicOx buys Nitromed nitric oxide donating patents

PARIS, April 23 (Reuters) - French biotech company NicOx (NCOX.PA) has bought nitric-oxide donating patents from Nitromed NTMD.O for 6 million euros ($7.8 million).

NicOx uses its nitric oxide-donating technology to develop drugs against inflammatory and cardio-metabolic diseases.

Its key candidate anti-inflammatory is naproxcinod, which aims to treats osteoarthritis in the knee and hip while keeping blood pressure in check.

"Following this important acquisition, we hold by far the most comprehensive intellectual property portfolio in this area," chairman and chief executive Michele Garufi said in a statement on Thursday.

Under the agreement NicOx will pay Nitromed, which is being bought by U.S. healthcare organisation Deerfield Management, 2 million euros at signature of the deal and another 4 million euros once NicOx has met certain future business criteria.

NicOx is looking for a partner to help it sell naproxcinod in the United States. The company expects to submit naproxcinod for marketing approval in the third quarter.

Nitric oxide acts as a messenger molecule in the body but evidence shows that certain diseases are related to a lack of nitric oxide production. NicOx's technology involves grafting a nitric oxide-donating chemical group onto an existing drug molecule, forming a new chemical entity that can be patented.

The Nitromed patent acquisition excludes heart drug candidate BiDil, which is was sold to JHP Pharmaceuticals last year.

NicOx shares closed at 8.93 euros on Wednesday, giving the company a stock market value of 42 million euros. (Reporting by Caroline Jacobs; Editing by Dan Lalor) ($1 = 0.7678 euro)