August 29, 2017, Vancouver, Canada — iCo Therapeutics (“iCo” or “the Company”) (TSX-V: ICO) (OTCQB: ICOTF), today reported financial results for the quarter ended June 30, 2017. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial ReportingStandards (“IFRS”).
“During the quarter, we reported the results of our preclinical, 14-day, GLP toxicology study with our novel Oral Amphotericin B (Oral Amp B) candidate. We were pleased with the results which showed that doses of up to 600mg/day, for 14 days, were well tolerated and showed no significant signs of histological toxicity. We are finalizing our plans for initiating a Phase 1 study. We currently anticipate ethics submission and manufacturing for this study in Q4 2017 and completion of patient recruitment for the Phase 1 study as early as the end of Q1 2018.
We estimate our runway to extend into the second half of 2018 based on the current burn rate and anticipated Phase 1 study.
Summary of Second Quarter 2017 Results
We incurred a total comprehensive loss of $333,274 for the quarter ended June 30, 2017 compared to a total comprehensive loss of $193,270 for the quarter ended June 30, 2016, representing an increased loss of $140,004. The increase in the loss for the quarter ended June 30, 2017 is primarily the result ofhigher other income from grants related to the Company’s Oral Amp B program recognized in the prior year.
Research and development expenses were $150,226 for the quarter ended June 30, 2017 compared to $88,966 for the quarter ended June 30, 2016, representing an increase of $61,260. The increase related to the completion of the Oral Amp B preclinical toxicology studies and consulting expenses for regulatory consultants advising on the Oral Amp B program and advising on the pre-IND meeting held on June 21, 2017 as part of our due diligence activities on a glaucoma asset.
For the quarter ended June 30, 2017 general and administrative expenses were $185,219 compared to $215,405 for the quarter ended June 30, 2016, representing a decrease of $30,186.
Liquidity and Outstanding Share Capital
As at June 30, 2017, we had cash and cash equivalents of $1,624,136 compared to $2,361,000 as at December 31, 2016.
As at August 29, 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 (NASDAQ: IMNP), 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: www.icotherapeutics.com.
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 update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Andrew Rae, CEO 778-772-7775 firstname.lastname@example.org