Vancouver, British Columbia--(Newsfile Corp. - August 28, 2019) - iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) ("iCo" or the "Company"), today reported financial results for the Quarter ended June 30, 2019. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").
Stated Andrew Rae, President and CEO of iCo Therapeutics Inc.,"Q2 efforts were significant in laying a foundation for the corporate milestones we expect in late 2019 and early 2020."
Q2 2019 Financial and Operational Highlights
- During the quarter, the Company continued to participate in Immune Pharmaceutical's bankruptcy proceedings ensuring iCo's interests with respect to iCo-008 were presented to the Court.
- Following feedback from an Australian IRB, requiring iCo to conduct a multi-dose escalation analysis in a number of healthy subjects prior to diseased subjects, iCo is currently working to revise its ethics application. iCo currently expects to commence recruitment of subjects in early Q4 2019 and will provide further details on study design upon ethics approval.
- Subsequent to Q2, on August 16, 2019, the Company closed a non-brokered financing issuing 41,200,000 units at $0.05 per unit for aggregate gross proceeds of $2,060,000.
Financial results for Quarter ended June 30, 2019
We incurred a total comprehensive loss of $386,359 for the quarter ended June 30, 2019 compared to a total comprehensive loss of $620,227 for the quarter ended June 30, 2018, representing a decreased loss of $233,868. The decrease in the loss is primarily the result of lower research and development expenses recognized during 2019 offset by higher general and administrative expenses and lower other income.
Research and development expenses were $156,333 for the quarter ended June 30, 2019 compared to $671,359 for the quarter ended June 30, 2018, representing a decrease of $515,025. The decrease related to lower contract research expenses related to the Oral Amp B Phase 1 clinical study. This study was completed in 2018.
For the quarter ended June 30, 2019 general and administrative expenses were $241,512 compared to $200,966 for the quarter ended June 30, 2018, representing an increase of $40,546. The increase reflects increased professional fees during the quarter.
Liquidity and Outstanding Share Capital
As at June 30, 2019, we had cash and cash equivalents of $114,162 compared to $10,140 as at December 31, 2018. As at August 28, 2019, we had an unlimited number of authorized common shares with 150,657,713 common shares issued and outstanding.
For complete financial results, please see our filings at www.sedar.com.
About iCo Therapeutics Inc.
iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company's core focus areas and if so the Company will seek to capture further value via partnerships. iCo shares trade on the TSX Venture Exchange under the symbol "ICO" and on the OTCQB 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, including statements relating to reporting further data regarding studies for Oral Amp Delivery System, the timing of receipt of the statistical analysis for clinical data, the timing, receipt and amount of Australian refundable tax credits, any decrease in research and development expenditures and the completion of additional funding and commencement of additional clinical studies. 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. In evaluating forward-looking statements, readers should consider the risk factors set out herein and in the Company's Annual Information Form dated April 29, 2019, a copy of which is available under iCo's profile on SEDAR at www.sedar.com and as otherwise disclosed in the Company's filings under its profile on SEDAR from time to time. All forward-looking statements are made as of the date of this press release, and 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.
Andrew Rae, CEO
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