VANCOUVER, April 30 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) today
reported financial results for the year ended December 31, 2008. Amounts,
unless specified otherwise, are expressed in Canadian dollars and in
accordance with Canadian Generally Accepted Accounting Principles (Canadian
"I am very pleased with the progress we have achieved in building our
pipeline and strengthening our lead programs in 2008", stated Andrew Rae,
iCo's President & CEO. "2008 was a challenging year for many companies, and I
am particularly pleased to have completed a financing in the current
2008 Operating Highlights
- In January of 2008 began trading on the TSX Venture exchange having
completed a reverse takeover of Beanstalk Capital Ltd. a capital
- Completed a $1,140,450 equity financing;
- Elected Noel Hall and Chris Fibiger to our board of directors.
- In February 2008, began our Phase I clinical trial. Two cohorts were
treated at escalating dosing levels. Both cohorts showed no drug
related adverse affects;
- Released interim safety and efficacy data which was presented at two
influential international conferences by two of our clinical
- Exercised our option to license iCo-009 with UBC;
- Held a pre-IND meeting with the FDA to discuss Phase I clinical
- Completed pre-clinical studies demonstrating promising results in
three animal models - two fungal & one parasitic;
- Published results of our studies in several peer reviewed journals;
- Applied for and received additional government funding to support
further pre-clinical studies;
- Presented a poster at the American Association of Pharmaceutical
Scientist (AAPS) Meeting in Atlanta, Georgia;
- Collaborated with a Gates-grantee organization with respect to
studies in Visceral Leishmaniasis.
Summary Fiscal 2008 Results
We incurred a net and comprehensive loss of $2,742,374 for the year ended
December 31, 2008 compared to a net and comprehensive loss of $5,187,359 for
the year ended 2007, representing a decrease of approximately $2,444,985. The
decrease in our net and comprehensive loss was principally caused by a
decrease in research and development expenses for the year ended December 31,
Interest income for the year ended December 31, 2008 was $30,529,
compared to $40,254 for the year ended December 31, 2007, resulting in a
decrease of $9,725. The lower interest income earned in the year ending
December 31, 2008, as compared to the same periods in 2007 was a result of
smaller cash and short term investments balances held in our treasury in 2008.
Research and development expenses were $1,421,258 for the year ended
December 31, 2008 compared to $3,714,665 for the year ended December 31, 2007,
representing a decrease of $2,293,407. Research and development expenses for
the year ending December 31, 2008 were lower than the same period for the
previous year primarily due to manufacturing expenses that were undertaken for
iCo-008 during the first half of 2007 that were not required in 2008.
For the year ended December 31, 2008 general and administrative expenses
were $995,297 compared to $963,695 for the year ending December 31, 2007,
representing an increase of $31,602. This increase in the year ending December
31, 2008 compared to the year ending December 31, 2007 were attributable to
increased salaries but were offset by a decrease in professional fees.
Amortization for the year ended December 31, 2008 was $115,430 compared
to amortization of $114,864 for the year ended December 31, 2007.
Stock based compensation for the year ended December 31, 2008 was
$179,968 compared to $203,883 for the year ended December 31, 2007.
Liquidity and Outstanding Share Capital
As at December 31, 2008, we had cash and cash equivalents of $620,276
compared to $1,889,233 as at December 31, 2007. Surplus cash is invested in
redeemable, short-term money market investments. As at December 31, 2008, the
Company had working capital of $234,196 compared to $1,608,921 as at December
31, 2007. 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.
As at April 27 2008, 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.
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