May 29, 2009
VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) today reported financial results for the quarter ended March 31, 2009. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).
Summary 2009 Results
We incurred a net and comprehensive loss of $585,422 for the three months ended March 31, 2009 compared to a net and comprehensive loss of $769,576 for the three months ended March 31 2008, representing a decrease of approximately $184,154. The decrease in our net and comprehensive loss was principally caused by a decrease in both research and development expenses and general and administrative expenses.
Interest income for the three months ended March 31, 2009 was $1,626, compared to $10,300 for the year ended December 31, 2008, resulting in a decrease of $8,674. The lower interest income earned in the three month period ending March 31, 2009, as compared to the same period in 2008 was a result of smaller cash and short term investments balances held in our treasury in 2009 combined with lower interest rates.
Research and development expenses were $311,535 for the three months ended March 31, 2009 compared to $437,975 for the three months ended March 31, 2008, representing a decrease of $126,440. Research and development expenses for the three months ending March 31, 2009 were lower than the same period for the previous year primarily due to a reduction in personnel salaries and consultants’ fees.
For the three months ended March 31, 2009 general and administrative expenses were $193,644 compared to $267,916 for the three months ending March 31, 2008, representing a decrease of $74,272. This decrease in the three months ending March 31, 2009 compared to the year ending March 31, 2008 were attributable to decreases in personnel salaries and professional fees.
Amortization for the three months ended March 31, 2009 was $29,132 compared to amortization of $28,972 for the three months ended March 31, 2008.
Stock based compensation for the three months ended March 31, 2009 was $34,586 compared to $45,972 for the three months ended March 31, 2008.
Liquidity and Outstanding Share Capital
As at March 31, 2009, we had cash and cash equivalents of $1,198,788 compared to $620,276 as at December 31, 2008. Surplus cash is invested in redeemable, short-term money market investments. As at March 31, 2009, the Company had working capital of $956,659 compared to $234,196 as at December 31, 2008. We anticipate that the combination of our current cash on hand, and the February 9, 2009 financing, will be sufficient to fund operations into the fourth 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 enough to meet our business objectives in the event unforeseen circumstances or a change in our strategic direction.
As at May 29 2009, we had an unlimited number of authorized common shares with 28,217,450 common shares issued and outstanding.
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.