iCo Therapeutics Inc.
iCo Therapeutics Announces Second Quarter 2017 Financial Results
DGAP-News: iCo Therapeutics Inc. / Key word(s): Miscellaneous Vancouver, British Columbia–(Newsfile Corp. – August 29, 2017) – iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) (‘iCo’ or ‘the Company’), today reported financial results for the quarter ended June 30, 2017. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (‘IFRS’). ‘During the quarter, we reported the results of our preclinical, 14-day, GLP toxicology study with our novel Oral Amphotericin B (Oral Amp B) candidate. We were pleased with the results which showed that doses of up to 600mg/day, for 14 days, were well tolerated and showed no significant signs of histological toxicity. We are finalizing our plans for initiating a Phase 1 study. We currently anticipate ethics submission and manufacturing for this study in Q4 2017 and completion of patient recruitment for the Phase 1 study as early as the end of Q1 2018. We estimate our runway to extend into the second half of 2018 based on the current burn rate and anticipated Phase 1 study. Summary of Second Quarter 2017 Results Research and development expenses were $150,226 for the quarter ended June 30, 2017 compared to $88,966 for the quarter ended June 30, 2016, representing an increase of $61,260. The increase related to the completion of the Oral Amp B preclinical toxicology studies and consulting expenses for regulatory consultants advising on the Oral Amp B program and advising on the pre-IND meeting held on June 21, 2017 as part of our due diligence activities on a glaucoma asset. For the quarter ended June 30, 2017 general and administrative expenses were $185,219 compared to $215,405 for the quarter ended June 30, 2016, representing a decrease of $30,186. Liquidity and Outstanding Share Capital As at August 29, 2017, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding. For complete financial results, please see our filings at www.sedar.com. About iCo Therapeutics For more information, visit the Company website at: www.icotherapeutics.com. No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Forward Looking Statements Andrew Rae, CEO
29.08.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | iCo Therapeutics Inc. |
Canada | |
ISIN: | CA45107J1057 |
End of News | DGAP News Service |