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ICo Therapeutics Announces Second Quarter 2013 Financial Results

Stocks in this article: ICO

VANCOUVER, Aug. 26, 2013 /PRNewswire/ - iCo Therapeutics (TSX-V: ICO), today reported financial results for the quarter ended June 30, 2013. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").

"The quarter was strong both operationally and financially," said Andrew Rae, iCo's President & CEO.  "We completed the enrollment of the phase two iDEAL study initiating the countdown to our primary endpoint for the study - eight month visual acuity as compared to baseline.  This is a very large phase two study in diabetic macular edema and to date has demonstrated a strong safety profile, with no drug-related serious adverse events. In support of this study we also strengthened our balance sheet through an overnight marketed equity offering for gross proceeds of three million eight hundred thousand dollars."

First Quarter 2013 Financial & Operational Highlights

  • Completed enrollment of the Phase 2 iDEAL study evaluating the efficacy and safety after repeated injections of iCo-007 in patients with Diabetic Macular Edema (DME).  The study to date has demonstrated a strong safety profile with no drug-related serious adverse events.
  • Completed overnight marketed offering of 9,655,771 units for aggregate gross proceeds of $3,379,519.90.

Summary First Quarter 2013 Results iCo incurred a net and comprehensive loss of $2,886,831 for the six months ended June 30, 2013, compared to a net and comprehensive loss of $1,431,634 for the same period last year.  The increase was driven primarily by costs associated with the Phase 2 clinical trial, as well as share based compensation. This was partially offset by the gain on the IMMUNE shares in other investments.

Research and development expenses were $2,189,830 for the six months ended June 30, 2013 compared to $739,081 for the same period last year, representing an increase of $1,450,749. This increase in research and development expenses is due to higher costs relating to the iDEAL Phase 2 clinical trial.

General and administrative expenses primarily comprise salaries, stock based compensation and benefits for company employees not involved in research and development, professional fees such as legal and accounting expenses, and expenses related to office overheads. For the six months ended June 30, 2013 general and administrative expenses were $1,166,480 compared to $681,293 for the six months ending June 30, 2012, representing an increase of $485,187.  The higher expenses are due to increased stock based compensation and professional fees.

We believe the Company has sufficient personnel to manage both its research and development and public company activities and do not anticipate any increase in staffing in the foreseeable future.  Accordingly, we believe that general and administrative expenses should remain at current levels in the foreseeable future.

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