iCo Therapeutics Inc. and Beanstalk Capital Ltd. Announce Completion of Arrangement
December 31, 2007
Vancouver, B.C., December 31, 2007 – iCo Therapeutics Inc. (“iCo”) and Beanstalk Capital Ltd. (“Beanstalk”) are pleased to announce the completion of an arrangement (the “Arrangement”) involving iCo, Beanstalk and 448073 Canada Inc. (“Beanstalk Subsidiary”). The Arrangement was approved by securityholders of iCo on November 23, 2007 and by the Supreme Court of British Columbia on December 21, 2007.
The Arrangement constitutes Beanstalk’s “Qualifying Transaction” as a TSX-V capital pool company. Under the Arrangement, iCo has amalgamated with Beanstalk Subsidiary and all of the issued and outstanding securities of iCo, including options and warrants, have been taken up by Beanstalk and paid for by the issuance of equivalent Beanstalk securities on a one-for-one basis. The amalgamated company, which will be known as iCology Corporation, will be a wholly-owned subsidiary of Beanstalk. The common shares of Beanstalk, which will be renamed iCo Therapeutics Inc., are expected to commence trading on the TSX-V under the stock symbol “ICO” on January 7, 2007.
iCo is an emerging biotechnology company focused on the identification, development and commercialization of drug candidates that treat sight and life threatening diseases through a development-only business model. iCo’s strategy is to in-license drug candidates that have clinical or pre-clinical history and compelling evidence of scientific, clinical and commercial potential in ocular and other disease indications.
iCo has entered into license agreements for the exclusive world-wide right to develop and, upon regulatory approval, market two product candidates (iCo-007 and iCo-008) that iCo believes have the potential to treat sight threatening and life threatening conditions. iCo has an option to enter into a license agreement for the exclusive world-wide right to develop and, upon regulatory approval, market a third product candidate (iCo-009) that iCo believes has the potential to treat ocular and systemic fungal diseases.
THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. THE COMPANY’S SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO PERSONS IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS.
For further information, contact:
John Meekison, CFO
Telephone: (604) 602 -9414
About iCo Therapeutics Inc.
iCo Therapeutics Inc. is a Vancouver-based reprofiling company focused on redosing or reformulating drugs with clinical history for new or expanded indications. iCo has exclusive worldwide rights to three products, iCo-007, in Phase I for the treatment of Diabetic Macular Edema, iCo-008, a product with Phase II clinical history to be developed for severe ocular allergies, and iCo-009, a oral reformulation of Amphotericin B for sight and life – threatening diseases. iCo-009 also represents a new drug delivery technology with the potential to reprofile other parenteral administered drugs to the oral route of administration.
iCo Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”.
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 Therapeutics’ current beliefs as well as assumptions made by and information currently available to iCo Therapeutics 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 Therapeutics in its public securities filings; actual events may differ materially from current expectations. iCo Therapeutics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Business Development Contact:
Dr. John Clement, CTO
604.602.9414 × 222
Mr. John Meekison, CFO
604.602.9414 × 224
Frederica Bell, Director, Corporate Development
604.602.9414 × 228