iCo Therapeutics reports financial results for first quarter 2015

May 29 2015

iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the quarter ended March 31, 2015. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").

"The Oral Platform advancing Amp B is progressing and we are actively looking at several external programs and assets that may provide further value to iCo," said Andrew Rae, President & CEO of iCo Therapeutics.

Summary First Quarter 2015 Results
iCo incurred a total comprehensive loss of $252,397 (loss per share of $0.00) for the quarter ended March 31, 2015, compared to total comprehensive earnings of $1,365,068 (earnings per share of $0.02) for the quarter ended March 31, 2014, representing an increased loss of $1,617,465. The increase is primarily a result of changes related to our holdings in Immune Pharmaceuticals, Inc.

Research and development expenses were $149,554 for the quarter ended March 31, 2015 compared to $624,891 for the quarter ended March 31, 2014, representing a reduction of $475,337. This decrease in research and development expenses is based mainly on reduced expenses associated with the wind-down of the iDEAL study.

For the quarter ended March 31, 2015 general and administrative expenses were $279,218 compared to $365,591 for the quarter ending March 31, 2014, representing a decrease of $86,373, primarily as a result of reduced stock based compensation expense.

Liquidity and Outstanding Share Capital
As at March 31, 2015, we had cash and cash equivalents and short-term investments of $6,079,783 compared to $5,707,787 as at December 31, 2014.

As at May 28, 2015, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding.