VANCOUVER, Aug. 26, 2013 /PRNewswire/ - iCo Therapeutics (TSX-V: ICO), today
reported financial results for the quarter ended June 30, 2013.
Amounts, unless specified otherwise, are expressed in Canadian dollars
and presented under International Financial Reporting Standards
"The quarter was strong both operationally and financially," said Andrew
Rae, iCo's President & CEO. "We completed the enrollment of the phase
two iDEAL study initiating the countdown to our primary endpoint for
the study - eight month visual acuity as compared to baseline. This is
a very large phase two study in diabetic macular edema and to date has
demonstrated a strong safety profile, with no drug-related serious
adverse events. In support of this study we also strengthened our
balance sheet through an overnight marketed equity offering for gross
proceeds of three million eight hundred thousand dollars."
First Quarter 2013 Financial & Operational Highlights
Completed enrollment of the Phase 2 iDEAL study evaluating the efficacy
and safety after repeated injections of iCo-007 in patients with
Diabetic Macular Edema (DME). The study to date has demonstrated a
strong safety profile with no drug-related serious adverse events.
Completed overnight marketed offering of 9,655,771 units for aggregate
gross proceeds of $3,379,519.90.
Summary First Quarter 2013 Results
iCo incurred a net and comprehensive loss of $2,886,831 for the six
months ended June 30, 2013, compared to a net and comprehensive loss of
$1,431,634 for the same period last year. The increase was driven
primarily by costs associated with the Phase 2 clinical trial, as well
as share based compensation. This was partially offset by the gain on
the IMMUNE shares in other investments.
Research and development expenses were $2,189,830 for the six months
ended June 30, 2013 compared to $739,081 for the same period last year,
representing an increase of $1,450,749. This increase in research and
development expenses is due to higher costs relating to the iDEAL Phase
2 clinical trial.
General and administrative expenses primarily comprise salaries, stock
based compensation and benefits for company employees not involved in
research and development, professional fees such as legal and
accounting expenses, and expenses related to office overheads. For the
six months ended June 30, 2013 general and administrative expenses were
$1,166,480 compared to $681,293 for the six months ending June 30,
2012, representing an increase of $485,187. The higher expenses are
due to increased stock based compensation and professional fees.
We believe the Company has sufficient personnel to manage both its
research and development and public company activities and do not
anticipate any increase in staffing in the foreseeable future.
Accordingly, we believe that general and administrative expenses should
remain at current levels in the foreseeable future.
Liquidity and Outstanding Share Capital
As at June 30, 2013, we had cash and cash equivalents and short-term
investments of $3,198,196 compared to $1,260,196 as at December 31,
As at August 26, 2013, we had an unlimited number of authorized common
shares with 64,514,230 common shares issued and outstanding and
20,038,118 warrants outstanding with exercise prices ranging between
$0.30 and $0.60 and expiry dates ranging from November 2, 2013 to May
As at August 26, 2013, we had 2,925,000 options outstanding. Each option
entitles the holder to purchase one additional common share at exercise
prices ranging from $0.18 to $0.73 and expiry dates ranging from
February 14, 2014 to January 21, 2018.
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". For more information, visit the
Company website at: www.icotherapeutics.com.
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 statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. 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. 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
SOURCE iCo Therapeutics Inc.