August 29, 2012, Vancouver, Canada—iCo Therapeutics Inc. (“iCo” or “the Company”) (TSX-V: ICO), today reported financial results for the quarter ended June 30, 2012. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).
Andrew Rae, iCo’s President & CEO, commented: “In recent months investors have seen several significant corporate developments, including a financing completed in the context of challenging capital markets climate, a sizeable and non dilutive $1.1M grant to support our Oral Amphotericin B delivery system developments, and significant progress in our iDEAL Phase 2 study, taking place at some of the world’s leading eye centers. We look forward to additional corporate milestones as we enter the fall.”
Financial & Operational Highlights since April 1, 2012
· Announced a $1.1Million non-repayable financial contribution from the National Research Council of Canada to support iCo’s Oral Amphotericin B (Amp B) delivery system as novel treatment for patients with Human Immunodeficiency Virus (HIV).
· Announced an overnight marketed offering of units at a price of $0.45 per Unit for aggregate gross proceeds of more than $2.5 million.
· Subsequent to Q2 2012 iCo’s iDEAL study was highlighted in the following JDRF publication: http://www.jdrf.org/files/General_Files/Get_Involved/TopResearch_Spring2012.pdf
Summary of Q2 2012 Results
We incurred a net and comprehensive loss of $(656,972) for the quarter ended June 30, 2012 compared to a net and comprehensive gain of $752,497 for the same period in 2011, representing an increased loss of $1,409,469. This increase in loss was driven primarily by increased expenses around the Phase II iDEAL study and a one-time gain incurred as a result of the licencing out of the systemic rights to iCo-008 in the quarter ended June 30, 2011.
Research and development expenses were $331,049 for the quarter ended June 30, 2012 compared to $282,960 for the quarter ended June 30, 2011, representing an increase of $48,089. This increase is again based largely on increased activity levels at for the iDEAL study.
For the quarter ended June 30, 2012 general and administrative expenses were $297,235 compared to $313,485 for the quarter ended June 30, 2011, representing a decrease of $16,250. This decrease is attributable to lower share based compensation costs.
Liquidity and Outstanding Share Capital
As at June 30, 2012, we had cash and cash equivalents and short-term investments of $275,335. compared to $1,326,399 as at December 31, 2011. This does not include gross proceeds of $2,553,899.40 from our financing that closed on July 13, 2012.
As at August 29, 2012, we had an unlimited number of authorized common shares with 52,319,633 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’s current beliefs as well as assumptions made by and information currently available to iCo 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 in its public securities filings; actual events may differ materially from current expectations. iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.