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Vancouver, British Columbia–(Newsfile Corp. – December 2, 2019) – iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) (“iCo” or the “Company”), today appear banking after-effects for the Division concluded September 30, 2019. Amounts, unless authentic otherwise, are bidding in Canadian dollars and presented beneath International Banking Advertisement Standards (“IFRS”).
Stated Andrew Rae, President and CEO of iCo Therapeutics Inc., “Several important milestones accept been accomplished in contempo weeks with belief approval to access our added articulate Amphotericin B (“Oral Amp B”) analytic abstraction in Australia and the cessation of cloister affairs in the US and Israel, consistent in approval of Alexion’s asset acquirement acceding accompanying to iCo-008, an anti-eotaxin-1 antibody. Moving advanced we currently apprehend the cessation of the abutting Articulate Amp B analytic abstraction in Q1 2020, anon followed by a 90-patient Phase 2 abstraction in Q2 2020, comparing Articulate Amp B to fluconazole in vulvovaginal candidiasis (“VVC”).”
Q3 2019 Banking and Operational Highlights
Financial after-effects for Division concluded September 30, 2019
We incurred a absolute absolute accident of $513,499 for the division concluded September 30, 2019 compared to a absolute absolute accident of $418,516 for the division concluded September 30, 2018, apery an added accident of $94,983. The access in the accident is primarily the aftereffect of college accepted and authoritative costs and lower added assets account by lower assay and development costs accustomed during 2019.
Research and development costs were $84,253 for the division concluded September 30, 2019 compared to $144,773 for the division concluded September 30, 2018, apery a abatement of $60,520. The abatement accompanying to lower arrangement assay costs accompanying to the Articulate Amp B Phase 1 analytic study. This abstraction was completed in 2018.
With the admission of the multi-dose, accretion analytic abstraction in advantageous volunteers, we apprehend assay and development costs to access until the abstraction is completed in Q1 2020. The net bulk of this abstraction is accepted to be about $650,000 demography into application tax refunds from the Australian tax authorities accompanying to this study. The Company believes it has acceptable funds to complete this abstraction and admit the accompaniment 90 accommodating VVC study.
For the division concluded September 30, 2019, accepted and authoritative costs were $440,257 compared to $309,137 for the division concluded September 30, 2018, apery an access of $131,120. The access reflects added able fees and administration consulting fees during the division due to the Company’s accord in the IMMUNE defalcation process.
Liquidity and Outstanding Share Capital
As at September 30, 2019, we had banknote and banknote equivalents of $1,560,866 compared to $10,140 as at December 31, 2018. As at November 29, 2019, we had an absolute cardinal of accustomed accepted shares with 153,747,713 accepted shares issued and outstanding.
For complete banking results, amuse see our filings at www.sedar.com.
About iCo Therapeutics Inc.
iCo Therapeutics identifies absolute development date assets for use in underserved ocular and communicable diseases. Such assets may display account in non-ophthalmic altitude alfresco the Company’s bulk focus areas and if so the Company will seek to abduction added bulk via partnerships. iCo shares barter on the TSX Venture Exchange beneath the attribute “ICO” and on the OTCQB beneath the attribute “ICOTF”.
For added information, appointment the Company website at: www.icotherapeutics.com.
No authoritative ascendancy has accustomed or banned the agreeable of this columnist release. Neither the TSX Venture Exchange nor its Authoritative Services Provider (as that appellation is authentic in the behavior of the TSX Venture Exchange) accepts albatross for the capability or accurateness of this columnist release.
Forward Looking Statements
Certain statements included in this columnist absolution may be advised advanced statements” aural the acceptation of applicative balance laws. Advanced statements can be articular by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and agnate references to approaching periods. Such statements absorb accepted and alien risks, uncertainties and added factors that may account absolute results, achievement or achievements to be materially altered from those adumbrated by such statements, and accordingly these statements should not be apprehend as guarantees of approaching achievement or results. All advanced statements are based on iCo’s accepted behavior as able-bodied as assumptions fabricated by and advice currently accessible to iCo and chronicle to, amid added things, advancing banking performance, business prospects, strategies, authoritative developments, bazaar accepting and approaching commitments, including statements apropos to advertisement added abstracts apropos studies for Articulate Amp Delivery System, the timing of cancellation of the statistical assay for analytic data, the timing, cancellation and bulk of Australian refundable tax credits, any abatement in assay and development expenditures and the achievement of added allotment and admission of added analytic studies. Readers are cautioned not to abode disproportionate assurance on these advanced statements, which are based alone on advice currently accessible to iCo and allege alone as of the date of this columnist release. Due to risks and uncertainties, including the risks and uncertainties articular by iCo in its accessible balance filings and on its website, absolute contest may alter materially from accepted expectations. In evaluating advanced statements, readers should accede the accident factors set out herein and in the Company’s Annual Advice Form anachronous April 29, 2019, a archetype of which is accessible beneath iCo’s contour on SEDAR at www.sedar.com and as contrarily appear in the Company’s filings beneath its contour on SEDAR from time to time. All advanced statements are fabricated as of the date of this columnist release, and iCo disclaims any ambition or obligation to amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, except as appropriate by law.
Andrew Rae, [email protected]
To appearance the antecedent adaptation of this columnist release, amuse appointment https://www.newsfilecorp.com/release/50240
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