iCo Therapeutics Announces Third Quarter 2020 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2020) - iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) ("iCo" or the "Company"), today reported financial results for the quarter ended September 30, 2020. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").
Stated William Jarosz, CEO of iCo Therapeutics Inc., "We have aggressively continued to contain our operating expenses quarter over quarter and year over year. This has allowed us to increase the visibility of our iCo 019 program, continue our dialogue with our partner Alexion on the progress of iCo 008 and pursue other strategic objectives."
Q3 2020 Operational and Financial Highlights
On July 30, 2020, iCo announced the publication of results of their Oral Amphotericin B (iCo-019) Phase 1a Study in one of the leading infectious diseases journals, Antimicrobial Agents and Chemotherapy entitled "Phase I Clinical Study to evaluate the safety, tolerability, and pharmacokinetics of a novel oral amphotericin B formulation (ICO-019) in healthy human subjects".
Financial results for Quarter ended September 30, 2020
We incurred a total comprehensive loss of $ 199,570 for the quarter ended September 30, 2020 compared to a total comprehensive loss of $513,499 for the quarter ended September 30, 2019, representing a decreased loss of $313,929. The decrease in the loss is primarily the result of lower research and development expenses and lower general and administrative expenses recognized in the quarter ended September 30, 2020.
Research and development expenses were $48,649 for the quarter ended September 30, 2020 compared to $84,253 for the quarter ended September 30, 2019, representing a decrease of $35,604. The decrease is related to lower intellectual property costs in the quarter ended September 30, 2020.
For the quarter ended September 30, 2020 general and administrative expenses were $147,367 compared to $440,257 for the quarter ended September 30, 2019, representing a decrease of $292,890. The decrease reflects lower consulting and professional fees during the period. The Company's participation in the IMMUNE bankruptcy process last year caused an increase in consulting and professional fees in the prior year.
Liquidity and Outstanding Share Capital
As at September 30, 2020, we had cash and cash equivalents of $169,759 compared to $989,937 as at December 31, 2019.
As at November 24, 2020, we had an unlimited number of authorized common shares with 153,747,713 common shares issued and outstanding.
For complete financial results, please see our filings at www.sedar.com.
About iCo Therapeutics Inc.
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. 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.
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, including statements relating to reporting further data regarding studies for Oral Amp Delivery System, the timing of receipt of the statistical analysis for clinical data, the timing, receipt and amount of Australian refundable tax credits, any decrease in research and development expenditures and the completion of additional funding and commencement of additional clinical studies. 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. In evaluating forward-looking statements, readers should consider the risk factors set out herein and in the Company's Annual Information Form dated April 29, 2019, a copy of which is available under iCo's profile on SEDAR at www.sedar.com and as otherwise disclosed in the Company's filings under its profile on SEDAR from time to time. All forward-looking statements are made as of the date of this press release, and 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.
iCo Therapeutics Inc.
1 604 800 9860
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68893