March 09, 2020, Vancouver, Canada – iCo Therapeutics Inc. (TSXV: ICO) (OTCQB: ICOTF) (“iCo” or “the Company”) and its subsidiary, iCo Therapeutics Australia Pty Ltd., announces that Andrew Rae, MBA, has resigned from his roles as both President & CEO and Director. Mr. Rae has agreed to assist management, through to the end of the fiscal quarter, to ensure a smooth and orderly transition.
iCo also announces today that Susan Koppy will immediately assume the role of President and William Jarosz will immediately assume the role of CEO.
Ms. Koppy has served on the iCo Board of Directors (the “Board”) since 2015 and has more than 30 years of experience in marketing and business development in the US, Europe and Japan. Mr. Jarosz is the current Chairman of the Board and a founding partner of Cartesian Capital Group. The Board has also announced that Peter Hnik, Chief Medical Officer of iCo, has been appointed as a director of the Company.
Mr. Jarosz, iCo Chairman and the new CEO commented “the Board wants to thank Andrew for his long service to the Company in building the vision of iCo around a promising set of assets which we believe have great potential for successful development.”
Mr. Rae commented “I want to thank the entire iCo team for their enormous dedication to both product candidates in development. It has been an incredible experience to work with this world-class team. Given the recent partnership announced with Alexion and a positive primary Phase 1b endpoint for oral Amphotericin B, I look forward to seeing further upcoming development milestones for both assets”.
iCo recently completed a Phase 1b Oral Amphotericin B study in which subjects were dosed for 10 consecutive days with additional 10 days of follow-up (for a total of 20 days), with a positive primary endpoint achieved. Two doses of Oral Amp B (100mg and 400mg), showing promising pharmacokinetic outcomes in the previous Phase 1 trial (using a single dose only), were used in the Phase 1b study. Currently the Company is planning for a Phase 2 study.
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.
iCo Therapeutics Inc.
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