VANCOUVER, Nov. 18, 2011 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO)
today reported operational and financial results for the third quarter
ending September 30, 2011. Amounts, unless specified otherwise, are
expressed in Canadian dollars and in accordance with International
Financial Reporting Standards ("IFRS").
2011 Q3 Corporate Highlights
The third quarter of 2011 was marked by the following highlights:
On August 15, 2011, iCo announced the initiation of a US
physician-sponsored Phase II clinical trial involving iCo-007, titled
the iDEAL study, which will be conducted across multiple sites
throughout the United States. The iDEAL Study will be led by the
clinician scientists who are investigators in the trial and will be
coordinated at one of the leading medical institutions in the United
States. The physician-sponsored clinical investigation is entitled,
"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 (the iDEAL Study)."
On September 26, 2011, iCo announced a research collaboration agreement
with JDRF, the worldwide leader for research to cure, treat, and
prevent type 1 diabetes (T1D), to support the previously announced
Phase 2 investigator sponsored clinical trial investigating iCo-007 in
Diabetic Macular Edema (DME).
iCo management presented at the Drug Repositioning and Pipeline
On September 27, 2011, the Company granted a total of 1,050,000 stock
options to directors, officers and employees of the Company.
John Clement, a co-founder of iCo Therapeutics Inc., resigned from his
positions as Chief Technology & Development Officer and Director in
order to pursue other personal and un-related business interests. The
Company has no plans to replace this position.
The Company engaged The Equicom Group to provide iCo with strategic
investor relations services.
On November 2, 2011, the company completed a non-brokered private
placement in the amount of $1,115,000 through the issuance of 5,575,000
Units at a subscription price of $0.20 per Unit.
iCo management presented at the Ophthalmology Innovation Summit.
iCo's oral Amphotericin B delivery system was the subject of three
poster presentations at the 2011 AAPS Annual Meeting and Exposition,
October 23 - 27, 2011, in Washington, DC USA.
The oral Amphotericin B delivery system was also highlighted in an AAPS
press release titled, "A Novel Oral Treatment for Leishmaniasis Has
Potential to Save Thousands of Lives".
On November 18, 2011, iCo and Dutchess Opportunity Cayman Fund Limited
completed the definitive agreement for the Equity Line Facility
previously announced on April 14, 2011.
Q3 2011 Financial Highlights
We incurred a net and comprehensive loss in income of $636,141 for the
three months ended September 30, 2011 compared to a net and
comprehensive loss of $517,044 for the three months ended September 30
2010, representing an increase of approximately $119,097. The increase
in our net and comprehensive loss in income was caused by a number of
factors including research and development expenses and stock based
compensation for options granted in September 2011.
Interest income for the three months ended September 30, 2011 was
$3,232, compared to $5,750 for the three month period ending September
30, 2010, resulting in a decrease of $2,518.
Research and development expenses were $199,843 for the three months
ended September 30, 2011 compared to $144,525for the three months ended
September 30, 2010, representing an increase of $55,318. This increase
in the three months ending September 30, 2011 compared to the three
months ending September 30, 2010 were attributable to higher research
and development costs associated with clinical trials.
For the three months ended September 30, 2011 general and administrative
expenses were $271,557 compared to $318,379 for the three months ending
September 30, 2010, representing a decrease of $46,822. This decrease
in the three months ending September 30, 2011 compared to the three
months ending September 30, 2010 were attributable to decreases in
Amortization for the three months ended September 30, 2011 was $28,636
compared to amortization of $29,385 for the three months ended
September 30, 2010, a decrease of $749.
Foreign exchange gain for the three months ended September 30, 2011 was
$5,430 compared to foreign exchange loss of $7,986 for the same period
in 2010, representing an increase of $13,416.
Stock based compensation for the three months ended September 30, 2011
was $144,767 compared to $22,519 for the three months ended September
30, 2010, an increase of $122,248.
Liquidity and Outstanding Share Capital
As at September 30, 2011, we had cash and cash equivalents of $862,250
compared to $2,040,707 as at December 31, 2010. As at September 30,
2011, the Company had working capital of $1,837,451 compared to
$1,823,278 as at December 31, 2010.
As at November 18, 2011, we had an unlimited number of authorized common
shares with 46,632,301 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, in Phase 2 for the treatment of Diabetic Macular
Edema (DME), iCo-008 (Bertilimumab), a product with Phase 2 clinical
history to be developed for sight threatening diseases; and an oral
Amphotericin B delivery system for life-threatening infectious
diseases. Immune Pharmaceuticals licensed systemic rights to iCo-008 in
June 2011. 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. 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.
SOURCE iCo Therapeutics Inc.
For further information:
Mr. John Meekison, CFO
604-602-9414 x 224
iCo Investor/Media Contact:
604-602-9414 x 226
Michael Moore, Investor Relations