iCo Therapeutics incurs total comprehensive loss of $738,607 for second quarter 2015

Aug 27 2015

iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the quarter ended June 30, 2015. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").

"We continue pre-clinical activities with respect to our Oral Amp B program, rapidly advancing towards the selection of a contract manufacturer," said Andrew Rae, President & CEO of iCo Therapeutics. "We have also seen our partner make Phase two clinical advancements with the support of a $21.5 million financing. Over the course of the fall we hope to provide updates with respect to due diligence on complimentary assets."

Summary Second Quarter 2015 Results
iCo incurred a total comprehensive loss of $738,607 (loss per share of $0.01) for the quarter ended June 30, 2015, compared to total comprehensive loss of $2,982,109 (loss per share of $0.04) for the quarter ended June 30, 2014, representing a reduced loss of $2,243,502. This decrease is primarily a result of the both the sale and change in value of our investment in Immune Therapeutics Inc., as well completion of our iCO-007 iDEAL trial.

Research and development expenses were $176,049 for the quarter ended June 30, 2015 compared to $401,396 for the quarter ended June 30, 2014, representing a reduction of $225,347. This decrease in research and development expenses is primarily due to the completion of the iCo-007 iDEAL trial.

For the quarter ended June 30, 2015 general and administrative expenses were $480,852 compared to $569,783 for the quarter ending June 30, 2014, representing a decrease of $88,931, primarily as a result of reduced stock based compensation.

Liquidity and Outstanding Share Capital
As at June 30, 2015, we had cash and cash equivalents and short-term investments of $4,532,017.

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

SOURCE iCo Therapeutics Inc.