May 30, 2008
VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) today reported interim financial results (unaudited) for the three months ended March 31, 2008. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).
Summary Q1 2008 Results
Selected Statement of Operations Data (see attached file) 2008.05.30_iCo_Q1.pdf
We incurred a net loss of $769,576 for the three months ended March 31, 2008 compared to a net loss of $868,877 for the same period in 2007, representing a decrease of approximately $99,301. The decrease in our net loss was principally caused by a decrease in research and development expenses for the three months ended March 31, 2008 partially offset by an increase in amortization and stock based compensation expense.
Interest income for the three months ended March 31, 2008 was $10,300, compared to $11,548 for the three months ended March 31, 2007.
Research and development expenses were $437,975 for the three months ended March 31, 2008 compared to $623,114 for the same period in 2007, representing a decrease of $185,139. The decrease in research and development expenses was primarily due to the fact that we did not incur any costs related to the manufacturing of drug products during the three months ended March 31, 2008 other than ongoing stability testing for iCo-007, whereas during the three months ended March 31, 2007 we incurred expenses in connection with the manufacturing of drug product for Phase I clinical trials for iCo-008.
For the three months ended March 31, 2008 general and administrative expenses were $267,916 compared to $251,375 for the same period in 2007, representing an increase of $16,541. This increase was primarily a result of increased staffing related to our public company activities. However, these added public company expenses were partially offset by reduced professional fees for the three months ended March 31, 2007.
We realized a net cash outflow of $804,571 for the three months ended March 31, 2008 reflecting overall operating costs for the company. This compares to a net cash inflow of $1,246,127 for the three months ended March 31, 2007, which was principally due to financing proceeds of $2,521,743 offset by cash outflow from operations and investing activities of $1,275,616.
Liquidity and Outstanding Share Capital
As at March 31, 2008, we had cash and cash equivalents of $1,127,904 compared to $1,931,407 as at December 31, 2007.
For complete financial results, please see our filings at http://www.sedar.com.
About iCo Therapeutics Inc.
iCo Therapeutics Inc. is a Vancouver-based development based company focused on in-licensing drugs with clinical history redosing or reformulating for new or expanded indications. iCo has exclusive worldwide rights to three products. iCo-007, a second generation antisense candidate licensed from Isis Pharmaceuticals, is currently in a Phase I trial in Diabetic Macular Edema patients with compelling early data. iCo-008 is a human monoclonal antibody targeting eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune. iCo-009 is a proprietary oral formulation of amphotericin B licensed from the University of British Columbia. To date, iCo has reported positive preclinical results for iCo-009. iCo Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”. For more information, visit the company website at: http://www.icotherapeutics.com
No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain statements included in this press release may be considered forward-looking. 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 Therapeutics’ current beliefs as well as assumptions made by and information currently available to iCo Therapeutics 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 speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo Therapeutics in its public securities filings; actual events may differ materially from current expectations. iCo Therapeutics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.