August 19, 2016, Vancouver, Canada — iCo Therapeutics (“iCo” or “the Company”) (TSX‐V: ICO) (OTCQX: ICOTF), today reported financial results for the quarter ended June 30, 2016. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).
“Our second quarter results attest to the substantive conclusion of our reorganization, reducing the loss for the Q2 2016 period by roughly 74% relative to Q2 2015. We now estimate our runway to be extended to Q2 2018 based on the current burn rate with multiple milestones upcoming within that time horizon” stated Andrew Rae, President and CEO.
Summary of Second Quarter 2016 Results
iCo incurred a total comprehensive loss of $193,270 (loss per share of $0.00) for the quarter ended June 30, 2016, compared to a total comprehensive loss of $738,607 (loss per share of $0.01) for the quarter ended June 30, 2015, representing a decrease in loss of $545,337. This increase is primarily a result of reduced operating costs related to the Company’s reorganization announced on January 18, 2016 plus reduced research and development expenditures for the three months ended June 30, 2016.
Research and development expenses were $88,966 for the quarter ended June 30, 2016 compared to $176,049 for the quarter ended June 30, 2015, representing a decrease of $87,083. This increase was primarily the result of reduced activity during the Q2 2016 period related to the manufacturing scale up of our Oral Amp B Delivery System.
For the quarter ended June 30, 2016 general and administrative expenses were $215,405 compared to $480,852 for the quarter ending June 30, 2015, representing a decrease of $265,447, primarily as a result of reduced operating costs subsequent to the Company’s reorganization announced on January 18, 2016.
Foreign exchange loss in for the three months ended June 30, 2016 was $13,655 compared to foreign exchange loss of $67,494 for the same period in 2015, representing a decrease of $53,839. The changes for the period primarily reflect fluctuations in the exchange rate between the Canadian and U.S. dollar on iCo’s cash balances.
Liquidity and Outstanding Share Capital
As at June 30, 2016, we had cash and cash equivalents and short‐term investments of $2,726,166 compared to $3,753,982 as at December 31, 2015.
As at August 19, 2016, 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.
The Company also announces that John Meekison has resigned as the Company’s Chief Financial Officer to pursue other interests. He will continue in his role as a director. Michael Liggett, CPA, CA, Bsc. Pharm., has assumed the role of CFO effective immediately.
Michael Liggett brings 30 years of experience in the health care sector. Michael was a practicing pharmacist for 7 years before obtaining his training and certification as a Chartered Accountant. After spending 7 years at Price Waterhouse Coopers (then Price Waterhouse), he joined Inflazyme Pharmaceuticals Ltd. in the capacity of Chief Financial Officer. He provided leadership through multiple financings and other strategic initiatives before successfully transitioning the company to establish its footprint in the forestry sector as Eacom Timber. His background includes over 19 years as a public company CFO with strategic and operational expertise and proven success in finance, M&A, strategic partnerships, restructurings, and risk management. BSc in Pharmaceutical sciences at the University of British Columbia. Chartered Accountant designation.
“Mike brings a wealth of experience to the iCo team, possessing intimate knowledge of the biotechnology industry and strategic financial transactions. He has demonstrated value added leadership on multiple occasions, including the evolution of Inflazyme into Eacom. I also want to take the opportunity to thank John Meekison for his many years of service as CFO and co‐founder of the corporation and I look forward to continuing working with John in the future” stated Andrew Rae, iCo Therapeutics co‐founder, President and CEO.
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 holds worldwide rights to an oral drug delivery platform, with Oral Amphotericin B (Amp B) as the initial platform candidate, utilizing a known anti‐fungal drug to treat life‐threatening infectious diseases. iCo also has worldwide rights to two drug candidates: iCo‐007 is a second generation antisense drug candidate targeting C‐Raf kinase and iCo‐008 is a monoclonal antibody targeting eotaxin‐1. With Phase 2 clinical history, Bertilimumab (iCo‐008) is a candidate for the treatment of vernal or atopic keratoconjunctivitis. iCo‐008 is in Phase 2 clinical studies with iCo’s partner, Immune Pharmaceuticals. iCo trades on the TSX Venture Exchange under the symbol “ICO” and the OTCQX under the symbol “ICOTF”. For more information, visit the Company website at: icotherapeutics.cdmail.biz.
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 rae@icotherapeutics.cdmail.biz