VANCOUVER,
May 29, 2014 /CNW/ - iCo Therapeutics
("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today
reported financial results for the quarter ended March 31, 2014. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
"Excellent progress was made in the first
quarter with the final eight month patient visit in our iDEAL
study," said Andrew Rae, President
& CEO of iCo Therapeutics. "We currently expect to
announce top line results before the end of the second
quarter."
First Quarter 2014 Financial &
Operational Highlights
- Completed overnight marketed equity offering of 16,206,483
units for aggregate gross proceeds of $6.75
million.
- Received approval from the Depository Trust Company for its
United States trading symbol
ICOTF, providing the Company with DTC eligibility.
- Announced the final month eight patient visit in the Phase 2
iDEAL Study evaluating the efficacy and safety of iCo-007 after
repeated injections in patients with DME.
Subsequent Events to Quarter End
- Announced a poster presentation by research collaborators at
the Association of Research and Ophthalmology (ARVO) 2014 Annual
Meeting titled "Demographics and Baseline Characteristics of the
iDEAL Study: A Randomized, Multi-center, Phase II Study of the
safety, Tolerability, and Bioactivity of Repeated Intravitreal
Injections of iCO-007 as Monotherapy or in Combination with
Ranibizumab or Laser Photocoagulation in the Treatment of Diabetic
Macular Edema with Involvement of the FoveAL Center".
Summary First Quarter 2014 Results
iCo incurred total comprehensive income of $1,365,068 (earnings per share of $0.02) for the quarter ended March 31, 2014 compared to a total comprehensive
loss of $(1,790,385) (loss per share
of $(0.04)) for the quarter ended
March 31, 2013, representing an
increase of $3,155,453 in
comprehensive income. The increase in net comprehensive income is
primarily a result of an increase in the carrying value of
$1,965,801 for our investment in
Immune Pharmaceuticals, as well as a decrease in expenses
associated with stock based compensation.
Research and development expenses were
$624,891 for the quarter ended
March 31, 2014 compared to
$1,119,044 for the quarter ended
March 31, 2013, representing a
reduction of $494,153. This decrease
in research and development expenses is based mainly on reduced
expenses associated with the iDEAL study for iCo-007 in diabetic
macular edema for Q1 2014.
For the quarter ended March 31, 2014 general and administrative
expenses were $365,591 compared to
$626,094 for the quarter ending
March 31, 2013, representing a
decrease of $260,503, primarily as a
result of reduced stock based compensation expense.
Liquidity and Outstanding Share
Capital
As at March 31, 2014, we had cash and
cash equivalents and short-term investments of $7,235,365 compared to $1,903,389 as at December
31, 2013.
As at May 29,
2014, 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.
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" and the OTCQX under the symbol
"ICOTF". For more information, visit the Company website at:
www.icotherapeutics.com.
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 and includes, but is not
limited to, statements about the intended use of proceeds of the
Offering. 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.
SOURCE iCo Therapeutics Inc.