May 30, 2012, Vancouver, Canada—iCo Therapeutics (TSX-V: ICO), a Vancouver-based drug reprofiling company, today reported financial results for the quarter ended March 31, 2012. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).
“On the back of a very progressive 2011, which saw significant advancement in our lead program for iCo-007 in Diabetic Macular Edema, the first quarter of 2012 bared witness to the growing critical mass of iCo Therapeutics,” commented Andrew Rae, iCo’s President & CEO. “With the iDEAL trial, we continue to run the largest Phase 2 study of its kind in DME at some of the world’s leading eye centers.”
2011 Financial & Operational Highlights
· Appointment of Douglas G. Janzen, President, Chief Executive Officer and a Director of Cardiome Pharma Corp. (NASDAQ:CRME, TSX:COM), Director of NEOVASC Inc. and director of various industry trade associations, including Chairman of the Board of Directors of Life Sciences British Columbia, to iCo’s Board of Directors.
· Presented on the panel, Macular Edema Today and Tomorrow at the Retinal Physician Symposium conference.
· Announced key details outlining the iDEAL study to evaluate the drug iCo-007 for the treatment of Diabetic Macular Edema. The Phase 2 clinical trial is a multi-center study being coordinated by one of the leading medical institutions in the United States and will include as many as 208 patients with DME at up to 30 clinical sites across the United States.
Summary of Q1 2012 Results
We incurred a net and comprehensive loss of $791,761 for the quarter ended March 31, 2012 compared to a net and comprehensive loss of $488,934 for the same period in 2011, representing an increase of $308,827. The increase was driven primarily by increased expenses around the iDEAL study.
Research and development expenses were $408,032 for the quarter ended March 31, 2012 compared to $354,956 for the quarter ended March 31, 2011, representing an increase of $53,076. This increase in research and development expenses is based largely on increased activity levels at for the iDEAL study.
For the quarter ended March 31, 2012 general and administrative expenses were $384,058 compared to $236,931 for the year quarter ended March 31, 2011, representing an increase of $147,127. This increase is attributable to increased professional fees and stock based compensation.
Liquidity and Outstanding Share Capital
As at March 31, 2012, we had cash and cash equivalents and short-term investments of $717,567 compared to $1,326,399 as at December 31, 2011.
As at May 30, 2012, 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.