VANCOUVER, April 27, 2015 /CNW/ - iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the year ended December 31, 2014. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").
"Last year's phase two DME results did not provide the outcome management and investors had hoped for, but extremely undervalued assets remain at iCo Therapeutics", said Andrew Rae, President & CEO of iCo Therapeutics. "We entered 2015 with a focus on those assets and plans to drive significant value this year. We remain committed to our oral Amphotericin B clinical study plans and continue to assess complimentary assets which the Company may consider in-licensing or acquiring. We also look forward to additional data this year from our partner, Immune Pharma, as they recently confirmed timing and advancement of their clinical programs using iCo-008 in their yearend announcement."
2014 Financial & Operational Highlights
- Announced plans to complete pre-clinical studies and regulatory filings in preparation for moving Oral AmpB into an initial Phase 1A clinical trial. The program will utilize approximately $700,000 of funding and technological advice from the National Research Council of Canada Industrial Research Assistance Program (NRC-RAP), under the Canadian HIV Technology Development (CHTD) Program.
- Presented findings on the Company's Oral AmpB program at the American Association of Pharmaceutical Scientists (AAPS) Annual Meeting and Exposition held in San Diego.
- Reported results of its Oral AmpB drug candidate targeting latent HIV reservoirs. The study evaluated in vitro effectiveness of Oral AmpB in reactivating latent HIV viral reservoirs which remain present in individuals despite intensive treatment with antiretroviral therapy.
- Completed overnight marketed equity offering of 16,206,483 units for aggregate gross proceeds of $6.75 million.
- Received approval from the Depository Trust Company for its United States trading symbol ICOTF, providing the Company with DTC eligibility.
- Announced the winding down of Phase 2 diabetic macular edema ("DME") activities related to iCo-007.
Summary Fiscal 2014 Results
iCo incurred a total comprehensive loss of $2,079,657 for the year ended December 31, 2014 compared to a total loss of $5,918,965 for the year ended 2013, representing a decrease of $3,839,308. The decrease in our net and comprehensive loss was principally caused by a reduction of clinical trial costs associated with the iDEAL study.
Research and development expenses were $669,485 for the year ended December 31, 2014 compared to $4,075,840 for the year ended December 31, 2013, representing a decrease of $3,406,355. This decrease in research and development expenses is based mainly on the wind down of clinical costs associated with the iDEAL study.
For the year ended December 31, 2014 general and administrative expenses were $1,590,444 compared to $2,061,405 for the year ending December 31, 2013, representing a decrease of $470,961, principally due to a reduction in stock based compensation expense for employees, directors and consultants.
Liquidity and Outstanding Share Capital
As at December 31, 2014, we had cash and cash equivalents and short-term investments of $5,707,787 compared to $1,903,389 as at December 31, 2013. The company also closed a unit offering on January 27, 2014, for gross proceeds of $6,750,000.
As at April 27, 2015, 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 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, Bertilimumab (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" 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 and includes, but is not limited to, statements about the intended use of proceeds of the Offering. 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.