For Immediate Release November 18, 2011
VANCOUVER, Canada – iCo Therapeutics Inc. (TSX-V: ICO) today reported operational and financial results for the third quarter ending September 30, 2011. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (“IFRS”).
2011 Q3 Corporate Highlights
The third quarter of 2011 was marked by the following highlights:
- On August 15, 2011, iCo announced the initiation of a US physician-sponsored Phase II clinical trial involving iCo-007, titled the iDEAL study, which will be conducted across multiple sites throughout the United States. The iDEAL Study will be led by the clinician scientists who are investigators in the trial and will be coordinated at one of the leading medical institutions in the United States. The physician-sponsored clinical investigation is entitled, “Randomized, Multi-center, Phase II Study of the Safety, Tolerability and Bioactivity of Repeated Intravitreal Injections of iCo-007 as Monotherapy or in Combination with Ranibizumab or Laser Photocoagulation in the Treatment of Diabetic Macular Edema With Involvement of the FoveAL Center (the iDEAL Study).”
- On September 26, 2011, iCo announced a research collaboration agreement with JDRF, the worldwide leader for research to cure, treat, and prevent type 1 diabetes (T1D), to support the previously announced Phase 2 investigator sponsored clinical trial investigating iCo-007 in Diabetic Macular Edema (DME).
- iCo management presented at the Drug Repositioning and Pipeline Enhancement Conference.
- On September 27, 2011, the Company granted a total of 1,050,000 stock options to directors, officers and employees of the Company.
- John Clement, a co-founder of iCo Therapeutics Inc., resigned from his positions as Chief Technology & Development Officer and Director in order to pursue other personal and un-related business interests. The Company has no plans to replace this position.
- The Company engaged The Equicom Group to provide iCo with strategic investor relations services.
- On November 2, 2011, the company completed a non-brokered private placement in the amount of $1,115,000 through the issuance of 5,575,000 Units at a subscription price of $0.20 per Unit.
- iCo management presented at the Ophthalmology Innovation Summit.
- iCo’s oral Amphotericin B delivery system was the subject of three poster presentations at the 2011 AAPS Annual Meeting and Exposition, October 23 – 27, 2011, in Washington, DC USA.
- The oral Amphotericin B delivery system was also highlighted in an AAPS press release titled, “A Novel Oral Treatment for Leishmaniasis Has Potential to Save Thousands of Lives”.
- On November 18, 2011, iCo and Dutchess Opportunity Cayman Fund Limited completed the definitive agreement for the Equity Line Facility previously announced on April 14, 2011.
Q3 2011 Financial Highlights
We incurred a net and comprehensive loss in income of $636,141 for the three months ended September 30, 2011 compared to a net and comprehensive loss of $517,044 for the three months ended September 30 2010, representing an increase of approximately $119,097. The increase in our net and comprehensive loss in income was caused by a number of factors including research and development expenses and stock based compensation for options granted in September 2011.
Interest income for the three months ended September 30, 2011 was $3,232, compared to $5,750 for the three month period ending September 30, 2010, resulting in a decrease of $2,518.
Research and development expenses were $199,843 for the three months ended September 30, 2011 compared to $144,525for the three months ended September 30, 2010, representing an increase of $55,318. This increase in the three months ending September 30, 2011 compared to the three months ending September 30, 2010 were attributable to higher research and development costs associated with clinical trials.
For the three months ended September 30, 2011 general and administrative expenses were $271,557 compared to $318,379 for the three months ending September 30, 2010, representing a decrease of $46,822. This decrease in the three months ending September 30, 2011 compared to the three months ending September 30, 2010 were attributable to decreases in professional fees.
Amortization for the three months ended September 30, 2011 was $28,636 compared to amortization of $29,385 for the three months ended September 30, 2010, a decrease of $749.
Foreign exchange gain for the three months ended September 30, 2011 was $5,430 compared to foreign exchange loss of $7,986 for the same period in 2010, representing an increase of $13,416.
Stock based compensation for the three months ended September 30, 2011 was $144,767 compared to $22,519 for the three months ended September 30, 2010, an increase of $122,248.
Liquidity and Outstanding Share Capital
As at September 30, 2011, we had cash and cash equivalents of $862,250 compared to $2,040,707 as at December 31, 2010. As at September 30, 2011, the Company had working capital of $1,837,451 compared to $1,823,278 as at December 31, 2010.
As at November 18, 2011, we had an unlimited number of authorized common shares with 46,632,301 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, in Phase 2 for the treatment of Diabetic Macular Edema (DME), iCo-008 (Bertilimumab), a product with Phase 2 clinical history to be developed for sight threatening diseases; and an oral Amphotericin B delivery system for life-threatening infectious diseases. Immune Pharmaceuticals licensed systemic rights to iCo-008 in June 2011. iCo 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.