VANCOUVER, BRITISH COLUMBIA--(Marketwire - 04/14/11) - iCo Therapeutics Inc. (TSX-V:ICO - News) announced today that it has entered into an Equity Line Facility ("ELF") with Dutchess Opportunity Cayman Fund Limited ("Dutchess"). Under the terms of the agreement, Dutchess has committed to provide up to $10 million of equity capital over the next three years.
"The ELF is a financing tool that will provide a flexible source of capital under reasonable terms," stated Andrew Rae, iCo's President & CEO. "The addition of the ELF to our ongoing corporate finance and strategic activities allows us to be opportunistic in accessing additional capital to continue to focus on the execution of our clinical plan, including iCo-007's Phase II clinical trial in DME."
iCo may chose to draw on the ELF at iCo's sole discretion. Any newly issued common shares are subject to a minimum price set by iCo. There are no warrants or any other derivative instruments issued by iCo under this agreement and iCo is not required to pay any commissions as part of this agreement. iCo can terminate the ELF at any time.
In connection with the ELF, iCo must file and clear a short-form shelf prospectus with the applicable securities authorities in Canada. The ELF, which will be publicly filed, is subject at this time to certain conditions, including the shelf prospectus, and customary regulatory approvals. The shares will be issued in reliance on exemptions or exclusions from registration under US Securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 may not be offered or sold within the United States or to United States persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Dutchess Capital
Dutchess Capital is an investment manager which provides creative financing for public companies. Founded in 2000, Dutchess has been a global leader in Equity Line Facilities (ELFs) for almost a decade, and has transacted in excess of $1.8 billion in such financings worldwide. The ELF is a flexible financing structure by which publicly traded companies can raise capital quickly, efficiently, and with less dilution than most traditional offerings. For more information, please visit www.dutchesscapital.com or contact Jessica Geran, Director of Corporate Finance at 617-301-4703.
About iCo Therapeutics
iCo Therapeutics Inc. is a Vancouver-based reprofiling company focused on redosing or reformulating drugs with clinical history for new or expanded indications. iCo has exclusive worldwide rights to three products: iCo-007, moving into Phase 2 for the treatment of DME, iCo-008; a product with Phase 2 clinical history to be developed for severe ocular allergies and age-related macular degeneration; and iCo-009, an oral formulation of Amphotericin B for sight and life-threatening diseases. iCo granted a license option for iCo-008 systemic uses to Immune Pharmaceuticals in December 2010. iCo-009 also represents a new drug delivery technology with the potential to reprofile other parenteral administered drugs to the oral route of administration. iCo was recently awarded a Gold Leaf Award as the Early Stage Company of the Year from BIOTECanada and is a Canada's Top 10™ Competition winner. iCo trades on the TSX Venture Exchange under the symbol "ICO". For more information, visit the Company website at: www.icotherapeutics.com.
Forward Looking Statements
Certain statements included in this press release may be considered forward-looking. 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 Therapeutics' current beliefs as well as assumptions made by and information currently available to iCo Therapeutics 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 speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo Therapeutics in its public securities filings; actual events may differ materially from current expectations. iCo Therapeutics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
iCo Therapeutics Inc.
Dr. John Clement
604-602-9414 x 222
iCo Therapeutics Inc.
Mr. John Meekison
604-602-9414 x 224
iCo Therapeutics Inc.
604-602-9414 x 226