VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) today reported financial results for the three months ended September 30, 2009. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).
Summary Q3 2009 Results
We incurred a net and comprehensive loss of $556,976 for the three months ended September 30, 2009 compared to a net and comprehensive loss of $620,320 for the three months ended September 30 2008, representing a decrease of approximately $63,344. The decrease in our net and comprehensive loss was principally caused by an overall decrease in both research and development expenses and general and administrative expenses.
Interest income is earned primarily through interest on excess cash balances that are invested in short term, high quality investments that are highly liquid. Interest income for the three months ended September 30, 2009 was $628, compared to $10,425 for the three month period ending September 30, 2008, resulting in a decrease of $9,797.
Research and Development
Research and development expenses were $275,907 for the three months ended September 30, 2009 compared to $317,578 for the three months ended September 30, 2008, representing a decrease of $41,671. This decrease in the three months ending September 30, 2009 compared to the three months ending September 30, 2008 were attributable to a reduction in personnel salaries and consultants’ fees.
General and Administrative
For the three months ended September 30, 2009 general and administrative expenses were $226,601 compared to $225,560 for the three months ending September 30, 2008, representing an increase of $1,041. This increase in the three months ending September 30, 2009 compared to the three months ending September 30, 2008 were attributable to a modest increase in professional fees.
Amortization for the three months ended September 30, 2009 was $29,100 compared to amortization of $29,081 for the three months ended September 30, 2008, an increase of $19.
Foreign exchange gain for the three months ended September 30, 2009 was $785 compared to foreign exchange loss of $12,727 for the same period in 2008, representing a decrease of $13,512.
Stock Based Compensation
Stock based compensation for the three months ended September 30, 2009 was $26,781 compared to $45,799 for the three months ended September 30, 2008, a decrease of $19,018.
Liquidity and Outstanding Share Capital
As at September 30, 2009, we had cash and cash equivalents of $871,292 compared to $620,276 as at December 31, 2008. Surplus cash is invested in redeemable, short-term money market investments. As at September 30, 2009, the Company had working capital of $491,802 compared to $234,196 as at December 31, 2008.
As at November 25, 2009, we had an unlimited number of authorized common shares with 38,147,926 common shares issued and outstanding.
For complete financial results, please see our filings at www.sedar.com.
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 is a second generation antisense candidate licensed from Isis Pharmaceuticals. iCo-007 is currently in a Phase I trial in Diabetic Macular Edema patients with compelling early data. iCo-008 is a human monoclonal antibody against eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune. iCo-009 is an oral reformulation of a generic anti-fungal and anti-parasitic intravenous drug 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: 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.