VANCOUVER, April 14, 2016 /CNW/ - iCo Therapeutics
("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today
reported financial results for the year ended December 31, 2015. Amounts, unless specified
otherwise, are expressed in Canadian dollars and presented under
International Financial Reporting Standards ("IFRS").
2015 Financial & Operational Highlights
- Announced the engagement of Corealis Pharma Inc. ("Corealis") a
contract manufacturing organization, for the analytical
development, formulation optimization and scale-up of the Oral
Amphotericin B Delivery System. The preparation and
regulatory filings for this program are expected to be completed in
2016, with Phase 1A study data available in 2017.
- Strengthened our intellectual property position around the Oral
Amphotericin B asset. iCo now has eleven issued patents
related to the technology.
- Our Israeli partner continued to progress iCo-008 in several
clinical studies, including commencement of enrollment of patients
into a Phase 2 ulcerative colitis study.
- Announced the appointment of Susan
Koppy and John Meekison,
iCo's Chief Financial Officer, to iCo's Board of Directors.
Subsequent to the 2015 year end, it was announced
that the Company was undertaking a strategic re-organization in an
effort to preserve its asset base and maximize shareholder
value.
Summary Fiscal 2015 Results
iCo incurred a total comprehensive loss of
$1,724,314 for the year ended
December 31, 2015 compared to a total
loss of $2,079,657 for the year ended
2015, representing a decrease of $355,343. The decrease in our net and
comprehensive loss was principally the result of a gain in foreign
exchange.
Research and development expenses were
$648,439 for the year ended
December 31, 2015 compared to
$669,485 for the year ended
December 31, 2014, representing a
decrease of $21,046. The Research and
Development expenses are now primarily related to development
activities for our Oral Amphotericin B Delivery System.
For the year ended December 31, 2015, general and administrative
expenses were $1,563,347 compared to
$1,590,444 for the year ending
December 31, 2014, representing a
decrease of $27,097.
Foreign exchange gain for the year ended
December 31, 2015 was $431,588 compared to foreign exchange loss of
$14,672 for the same period in 2014,
representing an increase of $446,260.
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 December 31,
2015, we had cash and cash equivalents and short-term
investments of $3,753,982 compared to
$5,707,787 as at December 31, 2014.
As at April 14,
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.
