iCo Therapeutics reports financial results for second quarter 2014

Aug 29 2014

iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the six months ended June 30, 2014. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").

Second Quarter 2014 Highlights

• Announced top-line results related to the eight month visual acuity (VA) primary endpoint for subjects enrolled in the Phase 2 iDEAL Study evaluating the efficacy and safety of iCo-007 after repeated injections in patients with DME.
• Poster presentation by research collaborators at the Association of Research and Ophthalmology (ARVO) 2014 Annual Meeting titled "Demographics and Baseline Characteristics of the iDEAL Study: A Randomized, Multi-center, Phase II Study of the safety, Tolerability, and Bioactivity of Repeated Intravitreal Injections of iCO-007 as Monotherapy or in Combination with Ranibizumab or Laser Photocoagulation in the Treatment of Diabetic Macular Edema with Involvement of the FoveAL Center".

Subsequent Events to Quarter End

• Announced that all nominees listed in the management information circular dated May 28, 2014 were elected as directors of the Company at the 2014 Annual Meeting of Shareholders, held on Friday, June 27, 2014.
• Reported results of its Oral Amphotericin B (Oral Amp B) drug candidate targeting latent HIV reservoirs. The study, conducted by ImmuneCarta®, the immune monitoring business unit of Caprion, evaluated in vitro effectiveness of Oral Amp B in reactivating latent HIV viral reservoirs which remain present in individuals despite intensive treatment with antiretroviral therapy.

Summary Second Quarter 2014 Results
iCo incurred total comprehensive loss of $1,617,040 (loss per share of $0.02) for the six months ended June 30, 2014 compared to a total comprehensive loss of $2,886,831 (loss per share of $0.05) for the six months ended June 30, 2013, representing a decrease of $1,269,791 in comprehensive loss. The decrease in net comprehensive loss is primarily a result of a $259,755 increase in the carrying value of our investment in Immune Pharmaceuticals, as well as a decrease in expenses associated with the iDEAL trial.

Research and development expenses were $1,026,287 for the six months ended June 30, 2014 compared to $2,189,830 for the six months ended June 30, 2013, representing a reduction of $1,163,543. This decrease in research and development expenses is based mainly on reduced expenses associated with the iDEAL study.

For the six months ended June 30, 2014 general and administrative expenses were $935,374 compared to $1,166,480 for the six months ending June 30, 2013, representing a decrease of $231,106, primarily as a result of reduced stock based compensation expense and professional fees.

Liquidity and Outstanding Share Capital
As at June 30, 2014, we had cash and cash equivalents and short-term investments of $6,480,200.

As at August 29, 2014, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding.