For Immediate Release November 17, 2008
VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) today reported interim financial results (unaudited) for the three and nine months ended September 30, 2008. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).
Result of Operations
We incurred a net loss of $620,320 for the three months ended September 30, 2008 compared to a net loss of $2,493,307 for the same period in 2007, representing a decrease of approximately $1,872,987.
Research and development expenses were $317,578 for the three months ended September 30, 2008 compared to $2,193,188 for the same period in 2007, representing a decrease of $1,875,610. For the three months ended September 30, 2008 general and administrative expenses were $225,560 compared to $151,440 for the same period in 2007, representing an increase of $74,120.
Stock based compensation for the nine months ended September 30, 2008 was $137,570 compared to $131,325 for the same period in 2007.
We realized a net cash outflow of $662,334 for the nine months ended September 30, 2008, reflecting overall operating costs for the company for the nine months of $1,752,655 less $1,090,321 of cash inflows coming primarily from financing proceeds received in the second quarter. This compares to a net cash inflow of $204,973 for the nine months ended September 30, 2007, which was principally due to financing proceeds of $2,540,665 offset by cash outflow from operations and investing activities of $2,745,638.
Liquidity and Outstanding Share Capital
As at September 30, 2008, we had cash and cash equivalents of $1,226,899 compared to $1,889,233 as at December 31, 2007. We anticipate that the combination of our current cash on hand, receivables and anticipated expense reductions will be sufficient to fund operations into the second quarter of 2009, at which time we will need to obtain additional proceeds through equity or debt financing or by selling or licensing our technology for cash proceeds. However, our working capital position may not be sufficient to meet its stated business objectives in the event of unforeseen circumstances or a change in our strategic direction.
As at September 30, 2008, we had an unlimited number of authorized common shares with 21,754,950 common shares issued and outstanding.
About iCo Therapeutics
iCo Therapeutics Inc. is a Vancouver-based reprofiling company focused on redosing or reformulating drugs with clinical history for new or expanded indications. iCo has exclusive worldwide rights to three products, iCo-007, in Phase I for the treatment of Diabetic Macular Edema, iCo-008, a product with Phase II clinical history to be developed for severe ocular allergies, and iCo-009, an oral reformulation of Amphotericin B for sight and life – threatening diseases. iCo-009 also represents a new drug delivery technology with the potential to reprofile other parenterally administered drugs to the oral route of administration. iCo Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”. For more information, visit the company website at: 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.