VANCOUVER, May 25, 2016 /CNW/ - iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the quarter ended March 31, 2016. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").
"iCo continues to make significant progress on multiple programs while at the same time operating in a very lean fashion post completed reorganization" stated Andrew Rae, President and CEO. "We have just secured an additional $200,000 CDN grant for our Amp B Delivery System for FY 2016 and we look forward to Phase 1a results in 2017. At the same our Israeli partner continues to affirm its operational objectives of Phase 2 results for iCo-008 in 2016, bearing full responsibility for all trial expenses and operations".
Summary First Quarter 2016 Results
iCo incurred a total comprehensive loss of $860,409 (loss per share of $0.01) for the quarter ended March 31, 2016, compared to a total comprehensive loss of $252,397 (loss per share of $0.00) for the quarter ended March 31, 2015, representing an increased loss of $608,012. This increase is primarily a result of one-time general and administrative costs related to the Company's reorganization announced on January 18, 2016 plus changes in foreign exchange for the first quarter of 2016 compared to the first quarter in 2015.
Research and development expenses were $318,848 for the quarter ended March 31, 2016 compared to $149,554 for the quarter ended March 31, 2015, representing an increase of $169,294. This increase was primarily the result of activity related to the manufacturing scale up of our Oral Amp B Delivery System.
For the quarter ended March 31, 2016 general and administrative expenses were $467,660 compared to $279,218 for the quarter ending March 31, 2015, representing an increase of $188,442, primarily as a result of one-time costs related to the Company's reorganization announced on January 18, 2016.
Foreign exchange loss in for the three months ended March 31, 2016 was $69,874 compared to foreign exchange gain of $371,123 for the same period in 2015, representing a decrease of $440,997. The changes for the period primarily reflect fluctuations in the exchange rate between the Canadian and U.S. dollar.
Liquidity and Outstanding Share Capital
As at March 31, 2016, we had cash and cash equivalents and short-term investments of $2,892,694 compared to $3,753,982 as at December 31, 2015.
As at May 25, 2016, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding.
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 holds worldwide rights to an oral drug delivery platform, with Oral Amphotericin B (Amp B) as the initial platform candidate, utilizing a known anti-fungal drug to treat life-threatening infectious diseases. iCo also has worldwide rights to two drug candidates: iCo-007 is a second generation antisense drug candidate targeting C-Raf kinase and iCo-008 is a monoclonal antibody targeting eotaxin-1. With Phase 2 clinical history, Bertilimumab (iCo-008) is a candidate for the treatment of vernal or atopic keratoconjunctivitis and wet age-related macular degeneration. iCo-008 is in Phase 2 clinical studies with iCo's partner, Immune Pharmaceuticals. iCo trades on the TSX Venture Exchange under the symbol "ICO" and the OTCQX under the symbol "ICOTF". For more information, visit the Company website at: www.icotherapeutics.com.
No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
Certain statements included in this press release may be considered "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. 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 are based only on information currently available to iCo and 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 and on its website, 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, except as required by law.
SOURCE iCo Therapeutics Inc.