VANCOUVER, Aug. 29, 2014 /CNW/ - iCo Therapeutics ("iCo" or
"the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported
financial results for the six months ended June 30, 2014. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
Second Quarter 2014 Highlights
- Announced top-line results related to the eight month visual
acuity (VA) primary endpoint for subjects enrolled in the Phase 2
iDEAL Study evaluating the efficacy and safety of iCo-007 after
repeated injections in patients with DME.
- 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".
Subsequent Events to Quarter End
- Announced that all nominees listed in the management
information circular dated May 28, 2014 were elected as
directors of the Company at the 2014 Annual Meeting of
Shareholders, held on Friday, June 27, 2014.
- Reported results of its Oral Amphotericin B (Oral Amp B) drug
candidate targeting latent HIV reservoirs. The study,
conducted by ImmuneCarta®, the immune monitoring business unit of
Caprion, evaluated in vitro effectiveness of Oral Amp B in
reactivating latent HIV viral reservoirs which remain present in
individuals despite intensive treatment with antiretroviral
therapy.
Summary Second Quarter 2014 Results
iCo incurred total
comprehensive loss of $1,617,040
(loss per share of $0.02) for the six
months ended June 30, 2014 compared
to a total comprehensive loss of $2,886,831 (loss per share of $0.05) for the six months ended June 30, 2013, representing a decrease of
$1,269,791 in comprehensive
loss. The decrease in net comprehensive loss is primarily a
result of a $259,755 increase in the
carrying value of our investment in Immune Pharmaceuticals, as well
as a decrease in expenses associated with the iDEAL trial.
Research and development expenses were $1,026,287 for the six months ended June 30, 2014 compared to $2,189,830 for the six months ended June 30, 2013, representing a reduction of
$1,163,543. This decrease in research
and development expenses is based mainly on reduced expenses
associated with the iDEAL study.
For the six months ended June 30,
2014 general and administrative expenses were $935,374 compared to $1,166,480 for the six months ending June 30, 2013, representing a decrease of
$231,106, primarily as a result of
reduced stock based compensation expense and professional fees.
Liquidity and Outstanding Share Capital
As at
June 30, 2014, we had cash and cash
equivalents and short-term investments of $6,480,200.
As at August 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.