iCo Therapeutics Announces First Quarter 2013 Financial Results

May 29, 2013, Vancouver, Canada ”iCo Therapeutics (TSX-V: ICO), today reported financial results for the quarter ended March 31, 2013. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).

“We started 2013 with a Phase 2 iDEAL study update and were later also ranked number one among Technology & Life Science companies in the TSX Venture Top 50, an evaluation  of the strongest performers in five different industries,” said Andrew Rae, iCo’s President & CEO. “Subsequent to quarter end, and despite strong headwinds in the financing of smaller companies on the TSX Venture Exchange, we recapitalized through an overnight marketed equity offering in further support of our ongoing Phase 2 iDEAL study.”

First Quarter 2013 Financial & Operational Highlights

  • iCo ranked #1 among Technology & Life Science companies in the TSX Venture Top 50.
  • Announced a clinical update for the Phase 2 iDEAL study for the treatment of diabetic macular edema (DME).

Subsequent Events to Quarter End

  • Raised $3.4 million in an overnight marketed equity offering.

Summary First Quarter 2013 Results

We incurred a net and comprehensive loss of $1,790,385 for the quarter ended March 31, 2013 compared to a net and comprehensive loss of $774,661 for the same period in 2012, representing an increase of $1,015,724. The increase was driven primarily by Phase 2 clinical trial costs and share based compensation.

Research and development expenses were $1,199,044 for the quarter ended March 31, 2013 compared to $408,032 for the quarter ended March 31, 2012, representing an increase of $791,012. This increase in research and development expenses is based on increased costs associated with the iDEAL Phase 2 clinical trial.

For the quarter ended March 31, 2013 general and administrative expenses were $626,094 compared to $384,058 for the year quarter ended March 31, 2012, representing an increase of $242,036. This increase is attributable to an increase in professional fees and share based compensation.

Liquidity and Outstanding Share Capital

As at March 31, 2013, we had cash and cash equivalents and short-term investments of $1,072,390 compared to $1,260,196 as at December 31, 2012.

Subsequently, on May 21, 2013, we closed a financing for gross proceeds of $3,379,520. We anticipate that the combination of cash on hand plus the cash raised in May 2013 is sufficient to fund operations into Q1 2014.

For complete financial results, please see our filings at www.sedar.com.

About iCo Therapeutics
iCo Therapeutics in-licenses and redefines existing drug candidates or generics by employing reformulation and delivery technologies for new or expanded use indications. The company has exclusive worldwide rights to two drug candidates — iCo-007 for Diabetic Macular Edema (DME) and iCo-008 for other sight-threatening diseases. iCo-007 is in Phase 2 clinical studies for DME. With Phase 2 clinical history, iCo-008 is targeted for the treatment of keratoconjunctivitis and wet age-related macular degeneration. In addition, iCo holds worldwide rights to an oral drug delivery platform. The first platform candidate is the Oral Amp B Delivery system, utilizing a known anti-fungal drug to treat life-threatening infectious diseases.  iCo trades on the TSX Venture Exchange under the symbol “ICO”.  For more information, visit the Company website at: icotherapeutics.cdmail.biz.

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. 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 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; 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.

Mr. John Meekison, CFO
iCo Therapeutics
604-602-9414 x 224
Michael Moore, Investor Relations
TMX Equicom