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iCo Therapeutics Announces Third Quarter 2013 Financial ResultsNovember 27, 2013, Vancouver, Canada—iCo Therapeutics (TSX-V: ICO), today reported financial results for the quarter ended September 30, 2013. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”). “While the past quarter was quiet from a news flow perspective, we were very busy following the completion of enrollment of the iDEAL Study in June,” said Andrew Rae, iCo’s President & CEO. “The completion of enrollment initiated the countdown to our primary endpoint for the study: eight month visual acuity as compared to baseline, and we expect to announce this in March or April. This is a very large phase two study in diabetic macular edema that has to date demonstrated a strong safety profile, with no drug-related serious adverse events and will represent the largest value inflection point in the company’s history.” Third Quarter 2013 Financial & Operational Highlights
Subsequent Highlights
Summary Third Quarter 2013 Results Research and development expenses were $3,558,167 for the nine months ended September 30, 2013 compared to $1,321,383 for the same period last year, representing an increase of $2,236,784. This increase in research and development expenses is due to higher costs relating to the iDEAL Phase 2 clinical trial. General and administrative expenses primarily comprise salaries, stock based compensation and benefits for company employees not involved in research and development, professional fees such as legal and accounting expenses, and expenses related to office overheads. For the nine months ended September 30, 2013 general and administrative expenses were $1,589,172 compared to $1,020,091 for the nine months ending September 30, 2012, representing an increase of $569,081. The higher expenses are due to increased stock based compensation and professional fees.
Liquidity and Outstanding Share Capital As at November 27, 2013, we had an unlimited number of authorized common shares with 67,811,230 common shares issued and outstanding and 15,765,918 warrants outstanding with exercise prices ranging between $0.40 and $0.60 and expiry dates ranging from July 4, 2014 to May 17, 2018. As at November 27, 2013, we had 2,965,000 options outstanding. Each option entitles the holder to purchase one additional common share at exercise prices ranging from $0.18 to $0.73 and expiry dates ranging from February 14, 2014 to September 5, 2018. For complete financial results, please see our filings at www.sedar.com.
About iCo Therapeutics 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 statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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. |
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