Vancouver, British Columbia–(Newsfile Corp. – May 24, 2017) – iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) (“iCo” or “the Company”), today reported financial results for the quarter ended March 31, 2017. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).
“During the first quarter, we substantially completed our preclinical, 14-day, GLP toxicology study with our novel Oral Amphotericin B (Oral Amp B) candidate. We currently expect to receive the final study report during Q2 2017. Upon evaluation of these results the Company will finalize its plans for initiating a Phase 1A study which may present an opportunity for Phase 1A study data in the latter half of 2017.
We were also encouraged by our partner’s announcement in February on preliminary results of Bertilimumab (iCo-008) in their Phase 2 clinical study for the treatment of Bullous Pemphigoid, a painful dermatological disease. Under our iCo-008 product sub-license agreement, iCo would begin to receive material milestone payments upon first patient dosing in a Phase 3 or pivotal clinical trial. A maximum of $32M in milestone payments could be received as well as additional royalty and sub-licensing revenue percentages.
We estimate our runway to extend into the second half of 2018 based on the current burn rate and we expect to report additional milestones during 2017”.
Summary of First Quarter 2017 Results
iCo incurred a total comprehensive loss of $381,123 for the quarter ended March 31, 2017 compared to a total comprehensive loss of $860,409 for the quarter ended March 31, 2016, representing a decreased loss of $479,286. The decrease in loss for the quarter ended March 31, 2017 is primarily the result of lower general and administration expenses and higher other income from grants received, or receivable, related to the Company’s Oral Amp B program.
Research and development expenses were $413,194 for the quarter ended March 31, 2017 compared to $318,848 for the quarter ended March 31, 2016, representing an increase of $94,346. During both quarters the Company’s research and development efforts were focused on its Oral Amp B program. During the quarter ended March 31, 2017 the Company conducted a pre-clinical 14-day GLP toxicology with study results anticipated in Q2 2017. Upon evaluation of these results the Company will finalize its plans for initiating a Phase 1A study which could present an opportunity for Phase 1A study data in the latter half of 2017.
Additional grant money of $150,000 was secured for Q1 2017, allowing the Company to undertake critical studies with minimal impact on corporate financial runway. As at March 31, 2017 the Company had fully utilized the grant funds available and has recognized $190,865 in grants recorded as other income in the Statement of Loss and Comprehensive Loss for the quarter ended March 31, 2017.
For the quarter ended March 31, 2017 general and administrative expenses were $154,195 compared to $467,660 for the quarter ended March 31, 2016, representing a decrease of $313,465. The decrease in expenses was attributable to the reduction in operating costs and the absence of restructuring expenses in the current quarter because of the January 18, 2016 reorganization.
Liquidity and Outstanding Share Capital
As at March 31, 2017, we had cash and cash equivalents of $1,917,089 compared to $2,361,000 as at December 31, 2016.
As at May 24, 2017, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding.
For complete financial results, please see our filings at www.sedar.com.
About iCo Therapeutics
iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company’s core focus areas and if so the Company will seek to capture further value via partnerships, such as its partnership with Immune Pharmaceuticals, which is in several Phase 2 studies involving iCo-008. iCo shares trade on the TSX Venture Exchange under the symbol “ICO” and on the OTCQB under the symbol “ICOTF”.
For more information, visit the Company website at: icotherapeutics.cdmail.biz.
No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
Certain statements included in this press release may be considered forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods. 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 are based only on information currently available to iCo and 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 and on its website, actual events may differ materially from current expectations. iCo disclaims any intention or obligation to updateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise,exceptas required by law.
Andrew Rae, CEO 778-772-7775rae@icotherapeutics.cdmail.biz