January 30, 2009
VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce that it has completed the first tranche of a non-brokered private placement in the amount of $582,750 through the issuance of 2,913,750 Units at a subscription price of $0.20 per Unit. Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one-half of a Common Share purchase warrant (a “Warrant”). Each warrant will entitle the holder, on exercise, to purchase one additional Common Share at a price of $0.30 at any time prior to the date 12 months following the closing date.
The Company intends to use the net proceeds of the first and second tranches of the offering to continue funding the development of iCo-007 and working capital, providing sufficient cash through 2009 and completion of our iCo-007 Phase 1 clinical trial.
A finder’s fee of 7% will be payable to certain arm’s length third parties with respect to a portion of the private placement. All securities issued in the private placement are subject to a four month hold period. The private placement is subject to regulatory approval, including the approval of the TSX Venture Exchange. The Company expects to close a second tranche of the private placement shortly for the balance of the gross proceeds.
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 is a second generation antisense candidate licensed from Isis Pharmaceuticals. iCo-007 is currently in a Phase I trial in Diabetic Macular Edema patients with compelling early data. iCo-008 is a human monoclonal antibody against eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune. iCo-009 is an oral reformulation of a generic anti-fungal and anti-parasitic intravenous drug licensed from the University of British Columbia. To date, iCo has reported positive preclinical results for iCo-009. 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, CBO
604.602.9414 × 222
Mr. John Meekison, CFO
604.602.9414 × 224
Frederica Bell, Director, Corporate Development
604.602.9414 × 228