November 25, 2019, Vancouver, Canada — iCo Therapeutics Inc. (“iCo” or “the Company”) (TSX-V: ICO) (OTCQB: ICOTF) announced today that the purchase of the assets of Immune Pharmaceuticals (“Immune”), including the sublicense of iCo-008, by Alexion Pharmaceuticals, Inc. (“Alexion”) has received all requisite court approvals and the closing of the purchase transaction is expected prior to the end of Q1 2020. Alexion has assumed Immune’s rights and obligations under the iCo/Immune sublicense agreement in consideration of a USD $6 million (CDN $8 million) payment in accordance with the bankruptcy proceedings of Immune.
“Alexion, one of the top 15 biotechnology companies in the world by market capitalization, is a world leader in the development of therapeutics for orphan indications and we are pleased that after significant diligence they have elected to further develop iCo’s anti-eotaxin antibody for significant unmet medical conditions”, stated Andrew Rae, President and CEO of iCo Therapeutics.
The obligations assumed by Alexion under the iCo sub-license with Immune include milestone payments of up to $32M USD and royalties on sales of Bertilimumab, also known as iCo-008, an antibody targeting eotaxin-1. Upon closing the purchase transaction Alexion has rights to develop and commercialize iCo-008 for non-ophthalmic indications worldwide, pursuant to the terms of the sublicense, while iCo continues to retain worldwide ophthalmic use indications and is in the planning stages for an additional Phase 2 clinical trial. As contemplated by the Sublicense, iCo intends to provide a notice to confirm its consent to the transaction.
Recent clinical evidence has suggested potential therapeutic benefit of iCo-008 for an orphan dermatological condition known as bullous pemphigoid (“BP”). Fast track and orphan status for the development of iCo-008 had been granted to Immune. Further recent scientific and clinical evidence may also indicate the potential benefit of the antibody in highly deleterious ocular conditions including retinal disease such as wet age-related macular degeneration and vernal keratoconjunctivitis (“VKC”).
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. 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.
Certain statements included in this press release may be considered “forward-looking information” within the meaning of applicable securities laws. Forward-looking information 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. Forward-looking statements in this press release include statements relating to the timing and completion of the Private Placement and the use of proceeds therefrom. 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.
Chief Executive Officer
iCo Therapeutics Inc.