VANCOUVER, May 29, 2013 /CNW/ - iCo Therapeutics (TSX-V: ICO), today
reported financial results for the quarter ended March 31, 2013.
Amounts, unless specified otherwise, are expressed in Canadian dollars
and presented under International Financial Reporting Standards
"We started 2013 with a Phase 2 iDEAL study update and were later also
ranked number one among Technology & Life Science companies in the TSX
Venture Top 50, an evaluation of the strongest performers in five
different industries," said Andrew Rae, iCo's President & CEO.
"Subsequent to quarter end, and despite strong headwinds in the
financing of smaller companies on the TSX Venture Exchange, we
recapitalized through an overnight marketed equity offering in further
support of our ongoing Phase 2 iDEAL study."
First Quarter 2013 Financial & Operational Highlights
iCo ranked #1 among Technology & Life Science companies in the TSX
Venture Top 50.
Announced a clinical update for the Phase 2 iDEAL study for the
treatment of diabetic macular edema (DME).
Subsequent Events to Quarter End
Raised $3.4 million in an overnight marketed equity offering.
Summary First Quarter 2013 Results
We incurred a net and comprehensive loss of $1,790,385 for the quarter
ended March 31, 2013 compared to a net and comprehensive loss of
$774,661 for the same period in 2012, representing an increase of
$1,015,724. The increase was driven primarily by Phase 2 clinical trial
costs and share based compensation.
Research and development expenses were $1,199,044 for the quarter ended
March 31, 2013 compared to $408,032 for the quarter ended March 31,
2012, representing an increase of $791,012. This increase in research
and development expenses is based on increased costs associated with
the iDEAL Phase 2 clinical trial.
For the quarter ended March 31, 2013 general and administrative expenses
were $626,094 compared to $384,058 for the year quarter ended March 31,
2012, representing an increase of $242,036. This increase is
attributable to an increase in professional fees and share based
Liquidity and Outstanding Share Capital
As at March 31, 2013, we had cash and cash equivalents and short-term
investments of $1,072,390 compared to $1,260,196 as at December 31,
Subsequently, on May 21, 2013, we closed a financing for gross proceeds
of $3,379,520. We anticipate that the combination of cash on hand plus
the cash raised in May 2013 is sufficient to fund operations into Q1
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". 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'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 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; 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.
SOURCE: iCo Therapeutics Inc.
For further information:
Mr. John Meekison, CFO
604-602-9414 x 224
Michael Moore, Investor Relations