, Jan. 27, 2014
/PRNewswire/ - iCo Therapeutics Inc. ("iCo" or "the
Company") (TSX-V: ICO) (OTCQX: ICOTF) announced today that it has
closed its previously announced overnight marketed offering of equity
securities (the "Offering"). Pursuant to the Offering, iCo issued
16,206,483 units of the Company ("Units") at a price of $0.4165
Unit for aggregate gross proceeds of C$6.75 million
. Each Unit is
comprised of one common share of the Company (a "Common Share") and
three-quarters of one common share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant is exercisable at a price of
and entitles the holder thereof to acquire one Common Share for
a period of five years following the date of issuance of the Warrant.
The Units were issued pursuant to an agency agreement between the
Company and a Canadian agent (the "Agent") pursuant to which the Agent
received a cash commission equal to 7.0% of the gross proceeds of the
Offering (except in respect of Units issued to certain specified
purchasers, in which case the cash commission was reduced to 3.5%).
The Company intends to use the net proceeds of the Offering to finance
the iDEAL Study and for general and administrative expenses.
The Offering was completed in each of the provinces of British Columbia,
Alberta and Ontario pursuant to a prospectus supplement dated January
22, 2014 to iCo's base shelf prospectus dated July 3, 2012 and
elsewhere on a private placement basis.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any state securities laws, and
accordingly, may not be offered or sold to, or for the account or
benefit of, persons in the United States or "U.S. persons," as such
term is defined in Regulation S promulgated under the U.S. Securities
Act ("U.S. Persons"), except in compliance with the registration
requirements of the U.S. Securities Act and applicable state securities
requirements or pursuant to exemptions therefrom. This press release
does not constitute an offer to sell or a solicitation of an offer to
buy any of the Company's securities to, or for the account or benefit
of, persons in the United States or U.S. Persons.
Copies of the prospectus supplement and the accompanying base shelf
prospectus relating to the Units are available under the Company's
profile on SEDAR 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.