In the news release, iCo Therapeutics Announces Third Quarter
2015 Financial Results, issued today by iCo Therapeutics Inc. over
CNW, we are advised by the company that in the paragraph Summary
Third Quarter 2015 Results, the last sentence should have read
"Immune Pharmaceuticals Inc.", rather than "Immune Therapeutics
Inc." as originally issued inadvertently. The complete, corrected
release follows:
iCo Therapeutics Announces Third Quarter 2015 Financial Results
VANCOUVER, Nov. 24, 2015 /CNW/ - iCo Therapeutics
("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today
reported financial results for the quarter ended September 30, 2015. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
"As we continue to progress our oral delivery platform for Amp B
we've also seen iCo-008 value building via our partner progressing
systemic use indications, including a recently announced IND in
the United States," said
Andrew Rae, President & CEO of
iCo Therapeutics. "These advancements regarding iCo-008 are not
only value enriching for this clinical program, but also continue
to give us confidence in its potential therapeutic application in
ophthalmological indications."
Subsequent Events to Quarter End
- Announced manufacturing update for Amp B wherein iCo engaged
Corealis Pharma Inc., a contract manufacturing organizing, for
analytical development, formulation optimization and scale-up of
the Amp B oral delivery system. Preparation and regulatory filings
are expected to be complete in 2016, and Phase 1A study data is
expected to be available in 2017.
- Further strengthened intellectual property around the oral
delivery platform for Amp B with a recent issuance of a composition
of matter and use patent, bringing the total number of issued
patents to eleven. We continue to pursue additional issuances in
multiple jurisdictions.
Summary Third Quarter 2015 Results
iCo incurred a
total comprehensive loss of $165,386
(loss per share of $0.00) for the
quarter ended September 30, 2015,
compared to total comprehensive gain of $393,677 (earnings per share of $0.00) for the quarter ended September 30, 2014, representing an increased
loss of $559,063. This increase
in loss is primarily a result of the change in value of our
investment in Immune Pharmaceuticals Inc.
Research and development expenses were $134,093 for the quarter ended September 30, 2015 compared to $85,720 for the quarter ended September 30, 2014, representing an increase of
$48,373. This increase in research
and development expenses is primarily due to development activities
with our Amp B program.
For the quarter ended September 30,
2015 general and administrative expenses were $253,652 compared to $328,696 for the quarter ending September 30, 2014, representing a decrease of
$75,044, primarily as a result of
reduced stock based compensation.
Liquidity and Outstanding Share Capital
As at
September 30, 2015, we had cash and
cash equivalents and short-term investments of $4,343,859.
As at November 24, 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.
