VANCOUVER, May 29, 2014 /PRNewswire/ - iCo Therapeutics ("iCo" or "the
Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results
for the quarter ended March 31, 2014. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
"Excellent progress was made in the first quarter with the final eight
month patient visit in our iDEAL study," said Andrew Rae, President &
CEO of iCo Therapeutics. "We currently expect to announce top line
results before the end of the second quarter."
First Quarter 2014 Financial & Operational Highlights
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
Announced the final month eight patient visit in the Phase 2 iDEAL Study
evaluating the efficacy and safety of iCo-007 after repeated injections
in patients with DME.
Subsequent Events to Quarter End
Announced a 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".
Summary First Quarter 2014 Results
iCo incurred total comprehensive income of $1,365,068 (earnings per
share of $0.02) for the quarter ended March 31, 2014 compared to a
total comprehensive loss of $(1,790,385) (loss per share of $(0.04))
for the quarter ended March 31, 2013, representing an increase of
$3,155,453 in comprehensive income. The increase in net comprehensive
income is primarily a result of an increase in the carrying value of
$1,965,801 for our investment in Immune Pharmaceuticals, as well as a
decrease in expenses associated with stock based compensation.
Research and development expenses were $624,891 for the quarter ended
March 31, 2014 compared to $1,119,044 for the quarter ended March 31,
2013, representing a reduction of $494,153. This decrease in research
and development expenses is based mainly on reduced expenses associated
with the iDEAL study for iCo-007 in diabetic macular edema for Q1 2014.
For the quarter ended March 31, 2014 general and administrative expenses
were $365,591 compared to $626,094 for the quarter ending March 31,
2013, representing a decrease of $260,503, primarily as a result of
reduced stock based compensation expense.
Liquidity and Outstanding Share Capital
As at March 31, 2014, we had cash and cash equivalents and short-term
investments of $7,235,365 compared to $1,903,389 as at December 31,
As at May 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.