iCo Therapeutics Inc. Reports Third Quarter 2010 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 26, 2010) - iCo Therapeutics Inc. (TSX VENTURE: ICO) (the “Company”) today reported operational and financial results for the third quarter ending September 30, 2010. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).

Q3 2010 Operating Highlights

The third quarter of 2010 was marked by the following highlights:

iCo-007

 -- We received a No Objection Letter from the Therapeutics Products Directorate, a division of Health Canada, to conduct a Phase II clinical study in Diabetic Macular Edema with iCo-007. 

iCo-009

 -- iCo-009 was granted Orphan Drug status for the treatment of Visceral Leishmaniasis (VL) by the US Food and Drug Administration. -- iCo appointed Dr. Thomas Walsh, Dr. Coleman Rotstein, and Dr. Jack Sobel to the Scientific Advisory Board (SAB) committee overseeing the development of iCo-009. The SAB is chaired by Dr. Don Buell. 

Subsequent Events

 -- iCo was selected as one of Canada’s Top 10™ Competition winners. -- iCo’s President and CEO Andrew Rae gave an overview of the progress of iCo’s Diabetic Macular Edema clinical program at the Ophthalmology Innovation Summit on October 14th in Chicago, IL. http://www.ophthalmologysummit.com/ -- Andrew Rae presented at Capital Ideas, an event of the British Columbia Securities Commission, on October 26th in Vancouver, BC. -- Andrew Rae presented at the Dundee Capital Markets Emerging Growth Conference on November 15th in Toronto, ON. -- iCo’s oral Amphotericin B program was the subject of two poster presentations at the November 15th-17th International Pharmaceutical Federation (FIP) Pharmaceutical Sciences 2010 World Congress in association with the American Association of Pharmaceutical Scientists (AAPS) Annual Meeting & Exposition in New Orleans, LA. 

Q3 2010 Financial Highlights

We incurred a net and comprehensive loss of $517,044 for the three months ended September 30, 2010 compared to a net and comprehensive loss of $556,976 for the three months ended September 30 2009, representing a decrease of $39,932.

Interest income for the three months ended September 30, 2010 was $5,750, compared to $628 for the three month period ending September 30, 2009, resulting in an increase of $5,122.

Research and development expenses were $144,525 for the three months ended September 30, 2010 compared to $275,907 for the three months ended September 30, 2009, representing a decrease of $131,382.

For the three months ended September 30, 2010 general and administrative expenses were $318,379 compared to $226,601 for the three months ending September 30, 2009, representing an increase of $91,778.

Amortization for the three months ended September 30, 2010 was $29,385 compared to amortization of $29,100 for the three months ended September 30, 2009, an increase of $285.

Foreign exchange loss for the three months ended September 30, 2010 was $7,986 compared to foreign exchange gain of $785 for the same period in 2009, representing an increase of $8,771.

Stock based compensation for the three months ended September 30, 2010 was $22,519 compared to $26,781 for the three months ended September 30, 2009, a decrease of $4,262.

Liquidity and Outstanding Share Capital

As at September 30, 2010, we had cash and cash equivalents of $2,656,607 compared to $3,896,065 as at December 31, 2009. As at September 30, 2010, the Company had working capital of $2,626,515 compared to $3,630,719 as at December 31, 2009.

As at November 26, 2010, we had an unlimited number of authorized common shares with 41,057,301 common shares issued and outstanding.

For complete financial results, please see our filings at www.sedar.com.

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 II for the treatment of DME, iCo-008; a product with Phase II 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-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.