NIOX

About NIOX

Circassia Pharmaceuticals, which rebranded to NIOX Group plc in September 2022, is a specialty pharmaceutical company centered on respiratory diseases. The company was established in 2006 by co-founders Steven Harris and Charles Swingland and went public with an initial public offering in March 2014. Over the years, Circassia has undergone significant strategic shifts, including the acquisition of Aerocrine and Prosonix in 2015 to bolster its asthma and allergy portfolio.

A major transformation occurred in April 2020 when the company terminated its agreement with AstraZeneca for the U.S. commercial rights to COPD treatments Tudorza® and Duaklir®. This move eliminated approximately $150 million in debt and marked a pivot from a broad pharmaceutical focus to a specialized medical device business centered on its NIOX® products. This strategic refocus led to a significant reduction in operational losses and a streamlined workforce. The company's business model is now driven by the sales of its NIOX® devices and the recurring revenue from test consumables, which account for 90% of group revenues.

The core product, NIOX VERO®, is a point-of-care device that measures fractional exhaled nitric oxide (FeNO) to assess Type 2 airway inflammation, a key characteristic in many asthma patients. This diagnostic tool assists healthcare professionals in diagnosing and managing asthma by providing objective data to guide treatment with inhaled corticosteroids, thereby improving patient outcomes. The NIOX® system is considered a gold standard in FeNO testing and is sold directly to specialists and through partners in markets including the United States, UK, China, Germany, and Italy.