VANCOUVER, April 27, 2015 /CNW/ - iCo Therapeutics
("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today
reported financial results for the year ended December 31, 2014. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
"Last year's phase two DME results did not provide the outcome
management and investors had hoped for, but extremely undervalued
assets remain at iCo Therapeutics", said Andrew Rae, President & CEO of iCo
Therapeutics. "We entered 2015 with a focus on those assets and
plans to drive significant value this year. We remain
committed to our oral Amphotericin B clinical study plans
and continue to assess complimentary assets which the Company
may consider in-licensing or acquiring. We also look forward
to additional data this year from our partner, Immune Pharma, as
they recently confirmed timing and advancement of their clinical
programs using iCo-008 in their yearend announcement."
2014 Financial & Operational Highlights
- Announced plans to complete pre-clinical studies and regulatory
filings in preparation for moving Oral AmpB into an initial Phase
1A clinical trial. The program will utilize approximately
$700,000 of funding and technological
advice from the National Research
Council of Canada Industrial Research Assistance Program
(NRC-RAP), under the Canadian HIV Technology Development (CHTD)
Program.
- Presented findings on the Company's Oral AmpB program at the
American Association of Pharmaceutical Scientists (AAPS) Annual
Meeting and Exposition held in San
Diego.
- Reported results of its Oral AmpB drug candidate targeting
latent HIV reservoirs. The study evaluated in vitro
effectiveness of Oral AmpB in reactivating latent HIV viral
reservoirs which remain present in individuals despite intensive
treatment with antiretroviral therapy.
- 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 winding down of Phase 2 diabetic macular edema
("DME") activities related to iCo-007.
Summary Fiscal 2014 Results
iCo incurred a total
comprehensive loss of $2,079,657 for
the year ended December 31, 2014
compared to a total loss of $5,918,965 for the year ended 2013, representing
a decrease of $3,839,308. The
decrease in our net and comprehensive loss was principally caused
by a reduction of clinical trial costs associated with the iDEAL
study.
Research and development expenses were $669,485 for the year ended December 31, 2014 compared to $4,075,840 for the year ended December 31, 2013, representing a decrease of
$3,406,355. This decrease in research
and development expenses is based mainly on the wind down of
clinical costs associated with the iDEAL study.
For the year ended December 31,
2014 general and administrative expenses were $1,590,444 compared to $2,061,405 for the year ending December 31, 2013, representing a decrease of
$470,961, principally due to a
reduction in stock based compensation expense for employees,
directors and consultants.
Liquidity and Outstanding Share Capital
As at
December 31, 2014, we had cash and
cash equivalents and short-term investments of $5,707,787 compared to $1,903,389 as at December
31, 2013. The company also closed a unit offering on
January 27, 2014, for gross proceeds
of $6,750,000.
As at April 27, 2015, 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,
Bertilimumab (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.