VANCOUVER, Aug. 26, 2015 /CNW/ - iCo Therapeutics
("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today
reported financial results for the quarter ended June 30, 2015. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
"We continue pre-clinical activities with respect to our Oral
Amp B program, rapidly advancing towards the selection of a
contract manufacturer," said Andrew
Rae, President & CEO of iCo Therapeutics. "We have
also seen our partner make Phase two clinical advancements with the
support of a $21.5 million financing.
Over the course of the fall we hope to provide updates with respect
to due diligence on complimentary assets."
Summary Second Quarter 2015 Results
iCo incurred a
total comprehensive loss of $738,607
(loss per share of $0.01) for the
quarter ended June 30, 2015, compared
to total comprehensive loss of $2,982,109 (loss per share of $0.04) for the quarter ended June 30, 2014, representing a reduced loss of
$2,243,502. This decrease is
primarily a result of the both the sale and change in value of our
investment in Immune Therapeutics Inc., as well completion of our
iCO-007 iDEAL trial.
Research and development expenses were $176,049 for the quarter ended June 30, 2015 compared to $401,396 for the quarter ended June 30, 2014, representing a reduction of
$225,347. This decrease in research
and development expenses is primarily due to the completion of the
iCo-007 iDEAL trial.
For the quarter ended June 30,
2015 general and administrative expenses were $480,852 compared to $569,783 for the quarter ending June 30, 2014, representing a decrease of
$88,931, primarily as a result of
reduced stock based compensation.
Liquidity and Outstanding Share Capital
As at
June 30, 2015, we had cash and cash
equivalents and short-term investments of $4,532,017.
As at August 28, 2015, we had an
unlimited number of authorized common shares with 84,457,713 common
shares issued and outstanding.
For complete financial results, please see our filings at
www.sedar.com.
About iCo Therapeutics
iCo Therapeutics in-licenses
and redefines existing drug candidates or generics by employing
reformulation and delivery technologies for new or expanded use
indications. The Company holds worldwide rights to an oral drug
delivery platform, with Oral Amphotericin B (Amp B) as the initial
platform candidate, utilizing a known anti-fungal drug to treat
life-threatening infectious diseases. iCo also has worldwide
rights to two drug candidates: iCo-007 is a second generation
antisense drug candidate targeting C-Raf kinase and iCo-008 is a
monoclonal antibody targeting eotaxin-1. With Phase 2
clinical history, Bertilimumab (iCo-008) is candidate for the
treatment of vernal or atopic keratoconjunctivitis and wet
age-related macular degeneration. iCo-008 is in Phase 2
clinical studies with iCo's partner, Immune Pharmaceuticals. iCo
trades on the TSX Venture Exchange under the symbol "ICO" and the
OTCQX under the symbol "ICOTF". For more information, visit the
Company website at: www.icotherapeutics.com.
No regulatory authority has approved or disapproved the
content of this press release. Neither the TSX Venture Exchange nor
its Regulatory Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Forward Looking Statements
Certain statements
included in this press release may be considered forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements can be identified by words such as:
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "will," and similar references to future periods
and includes, but is not limited to, statements about the intended
use of proceeds of the Offering. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from those implied by such statements, and therefore
these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on
iCo's current beliefs as well as assumptions made by and
information currently available to iCo and relate to, among other
things, anticipated financial performance, business prospects,
strategies, regulatory developments, market acceptance and future
commitments. Readers are cautioned not to place undue reliance on
these forward-looking statements, which are based only on
information currently available to iCo and speak only as of the
date of this press release. Due to risks and uncertainties,
including the risks and uncertainties identified by iCo in its
public securities filings and on its website, actual events may
differ materially from current expectations. iCo disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
SOURCE iCo Therapeutics Inc.
