Vancouver, British Columbia--(Newsfile Corp. - January 23, 2017) - iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) ("iCo" or "the Company") announces several corporate developments.
Regarding our Oral Amphotericin B program, multiple, additional pre-clinical studies have been initiated including a multi-day fasted/fed study, a 7-day dose range finding study and, importantly, a 14 day GLP toxicology study. iCo expects all three studies to be substantially complete during Q1 2017. Together these studies will be summarized in an iCo IND submission currently planned for mid-2017. Additional grant money for 2017 has been secured from existing sources, totaling $150,000 CDN, allowing the Company to undertake critical studies with no impact on corporate financial runway.
Regarding iCo-008 clinical progress, Management is following developments of its Israeli partner and the two Phase 2 clinical studies currently underway. For additional trial details and timelines outlined in regulatory filings please see: https://clinicaltrials.gov/ct2/results?term=Bertilimumab&Search=Search
Finally, iCo announces the appointment of Michael Liggett and the resignation of John Meekison from iCo's Board of Directors. Stated Andrew Rae, President & CEO, "I want to thank John Meekison for his long-standing service as a board member, co-founder and former CFO of iCo Therapeutics. John has been an integral part of the Company since inception, playing critical roles in finance and operations. As part of the transition initiated in 2016, Mike Liggett will now also assume a board role in addition to his current title of CFO of iCo Therapeutics." Mr. Liggett will be granted 150,000 stock options exercisable at the price of $0.05, as consideration for his added responsibilities. The closing price of the Company's shares on the TSX Venture Exchange on January 20, 2017 was $0.045. The options will expire on January 23, 2022 and shall vest as follows: 1/5 on today's date (the "Effective Date"), 1/5 three (3) months after the Effective Date, 1/5 six (6) months after the Effective Date, 1/5 nine (9) months after the Effective Date and the remaining 1/5 to vest ratably per month beginning ten (10) months after the Effective Date and ending eighteen (18) months after the Effective Date. After giving effect to this option grant, a total of 2,020,000 options will be issued and outstanding with 1,665,357 remaining for future issuance under the Company's stock option plan.
About iCo Therapeutics
iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company's core focus areas and, if so, the Company will seek to capture further value via partnerships, such as its partnership with Immune Pharmaceuticals (NASDAQ: IMNP), which is in several Phase 2 studies involving iCo-008. iCo shares trade on the TSX Venture Exchange under the symbol "ICO" and on the OTCQB under the symbol "ICOTF".
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
Certain statements included in this press release may be considered forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on iCo's current beliefs as well as assumptions made by and information currently available to iCo and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based only on information currently available to iCo and speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo in its public securities filings and on its website, actual events may differ materially from current expectations. iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact
Andrew J Rae, Chief Executive Officer
778-772-7775
rae@icotherapeutics.com
