November 29, 2012, Vancouver, Canada – iCo Therapeutics Inc. (“iCo” or “the Company”) (TSX-V: ICO), today reported financial results for the quarter ended September 30, 2012. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).
“We are pleased with the significant progress of our 26 site US Phase 2 iDEAL study, in partnership with JDRF, examining patients with diabetic macular edema and we recently closed an equity financing to strengthen our balance sheet,” said Andrew Rae, President and CEO of iCo Therapeutics. “iCo expects primary end point data for all iDEAL study patients in 2013 and we anticipate providing an update related to our ongoing iDEAL trial sometime around the end of the year.”
Financial & Operational Highlights since July 1, 2012
- Highlighted iCo’s iDEAL study in the following JDRF publication: http://www.jdrf.org/files/General_Files/Get_Involved/TopResearch_Spring2012.pdf
- Raised $2.55 million through an Overnight Marketed Offering. At the time of our offering we concluded the fundraising at 45 cents per unit and since the offering our share price has significantly appreciated.
- Presented at Rodman & Renshaw’s Annual Global Investment Conference in New York City, highlighting the Company’s lead candidate, iCo-007 for Diabetic Macular Edema (DME)
- Subsequent to quarter end, presented five posters on oral Amphotericin B delivery system at the AAPS Annual Meeting and Exposition, in Chicago, Illinois
Summary of Q3 2012 Results
We incurred a net and comprehensive loss of $935,152 for the quarter ended September 30, 2012 compared to a net and comprehensive loss of $636,141 for the same period in 2011, representing an increase in loss of $299,011. This increase in loss was driven primarily by additional research and development costs related to the iDEAL trial for iCo-007.
Research and development expenses were $582,302 for the quarter ended September 30, 2012 compared to $265,185 for the quarter ended September 30, 2011, representing an increase of $317,117. This increase is based largely on cost related to the ramp up of our iDEAL trial.
For the quarter ended September 30, 2012 general and administrative expenses were $338,798 compared to $379,618 for the quarter ended September 30, 2011, representing a decrease of $40,820. This decrease is attributable to a decrease in professional fees and share based compensation.
Liquidity and Outstanding Share Capital
As at September 30, 2012, we had cash and cash equivalents and short-term investments of $1,788,647, compared to $1,326,399 as at December 31, 2011. The increase is due to gross proceeds of $2,553,899.40 from our financing that closed on July 13, 2012. Subsequent to September 30, 2012, $304,109 was raised via the exercise of warrants. We expect cash and equivalents on hand to finance operations through Q2 2013.
As at November 29, 2012, we had an unlimited number of authorized common shares with 53,340,653 common shares issued and outstanding.
For complete financial results, please see our filings at www.sedar.com.
About iCo Therapeutics
iCo Therapeutics in-licenses and redefines existing drug candidates or generics by employing reformulation and delivery technologies for new or expanded use indications. The company has exclusive worldwide rights to two drug candidates â€” iCo-007 for Diabetic Macular Edema (DME) and iCo-008 for other sight-threatening diseases. iCo-007 is in Phase 2 clinical study for DME. With Phase 2 clinical history, iCo-008 is targeted for the treatment of keratoconjunctivitis and wet age-related macular degeneration. In addition, iCo holds worldwide rights to an oral drug delivery platform. The first platform candidate is the Oral Amp B Delivery system, utilizing a known anti-fungal drug to treat life-threatening infectious diseases. 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.
Mr. John Meekison, CFO
604-602-9414 x 224
Michael Moore, Investor Relations