iCo Therapeutics Q1 2009 Financial Results



    VANCOUVER, May 29 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) today
reported financial results for the quarter ended March 31, 2009. Amounts,
unless specified otherwise, are expressed in Canadian dollars and in
accordance with Canadian Generally Accepted Accounting Principles (Canadian
GAAP).

    Summary 2009 Results

    We incurred a net and comprehensive loss of $585,422 for the three months
ended March 31, 2009 compared to a net and comprehensive loss of $769,576 for
the three months ended March 31 2008, representing a decrease of approximately
$184,154. The decrease in our net and comprehensive loss was principally
caused by a decrease in both research and development expenses and general and
administrative expenses.
    Interest income for the three months ended March 31, 2009 was $1,626,
compared to $10,300 for the year ended December 31, 2008, resulting in a
decrease of $8,674. The lower interest income earned in the three month period
ending March 31, 2009, as compared to the same period in 2008 was a result of
smaller cash and short term investments balances held in our treasury in 2009
combined with lower interest rates.
    Research and development expenses were $311,535 for the three months
ended March 31, 2009 compared to $437,975 for the three months ended March 31,
2008, representing a decrease of $126,440. Research and development expenses
for the three months ending March 31, 2009 were lower than the same period for
the previous year primarily due to a reduction in personnel salaries and
consultants' fees.
    For the three months ended March 31, 2009 general and administrative
expenses were $193,644 compared to $267,916 for the three months ending March
31, 2008, representing a decrease of $74,272. This decrease in the three
months ending March 31, 2009 compared to the year ending March 31, 2008 were
attributable to decreases in personnel salaries and professional fees.
    Amortization for the three months ended March 31, 2009 was $29,132
compared to amortization of $28,972 for the three months ended March 31, 2008.
    Stock based compensation for the three months ended March 31, 2009 was
$34,586 compared to $45,972 for the three months ended March 31, 2008.

    Liquidity and Outstanding Share Capital

    As at March 31, 2009, we had cash and cash equivalents of $1,198,788 
compared to $620,276 as at December 31, 2008. Surplus cash is invested in
redeemable, short-term money market investments. As at March 31, 2009, the
Company had working capital of $956,659 compared to $234,196 as at December
31, 2008. We anticipate that the combination of our current cash on hand, and
the February 9, 2009 financing, will be sufficient to fund operations into the
fourth quarter of 2009, at which time we will need to obtain additional
proceeds through equity or debt financing or by selling or licensing our
technology for cash proceeds. However, our working capital position may not be
sufficient enough to meet our business objectives in the event unforeseen
circumstances or a change in our strategic direction.
    As at May 29 2009, we had an unlimited number of authorized common shares
with 28,217,450 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 is
a second generation antisense candidate licensed from Isis Pharmaceuticals.
iCo-007 is currently in a Phase I trial in Diabetic Macular Edema patients
with compelling early data. iCo-008 is a human monoclonal antibody against
eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune.
iCo-009 is an oral reformulation of a generic anti-fungal and anti-parasitic
intravenous drug licensed from the University of British Columbia. To date,
iCo has reported positive preclinical results for iCo-009. iCo Therapeutics
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.

    %SEDAR: 00024061E




For further information:

For further information: Business Development: Dr. John Clement, CBO,
(778) 688-0644; Finance Contact: Mr. John Meekison, CFO, (604) 602-9414 x 224;
Investor/Media Contact: Frederica Bell, Corp. Devt., (604) 602-9414 x 228; B&D
Capital, Joanne Calverley, (604) 685-6465

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iCo Therapeutics Inc.

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