VANCOUVER, Nov. 2, 2011 /CNW/ - iCo Therapeutics Inc. (TSXV: ICO) is
pleased to announce that it has 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. Each Unit will consist
of one common share in the capital of the Company (a "Common Share")
and one Common Share purchase warrant (a "Warrant"). Each Warrant will
entitle the holder, on exercise, to purchase one additional Common
Share, at any time on or prior to the date which is 24 months after the
Closing Date, at an exercise price of $0.25 per share at any time on or
prior to the 12 month anniversary of the Closing Date and $0.30 per
share at any time after the 12 month anniversary of the Closing Date on
or prior to the 24 month anniversary of the Closing Date.
The Company intends to use the net proceeds of the Offering to support
the Phase 2 clinical program for iCo-007, working capital and general
A cash finder's fee of 8% will be paid to certain arm's length third
parties with respect to 1,810,000 Units. In addition, Warrants will be
issued to finder's in respect of 2,400,000 Units, with the number of
Warrants to be issued to such finders to represent 8% of the aggregate
number of Units issued to investors identified by such finders.
All securities issued in the private placement are subject to a four
month hold period. The private placement is subject to regulatory
approval, including the approval of the TSX Venture Exchange.
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