iCo Therapeutics Announces Second Quarter 2013 Financial Results

barbara.lempert

VANCOUVER, Aug. 26, /CNW/ – iCo (TSX-V: ICO), today reported for the ended June 30, 2013. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Reporting Standards (“IFRS”).
“The quarter was strong both operationally and financially,” said Andrew Rae, iCo’s President & CEO.  “We completed the enrollment of the phase two iDEAL study initiating the countdown to our primary endpoint for the study – eight month visual acuity as compared to baseline.  This is a very large phase two study in diabetic macular edema and to date has demonstrated a strong safety profile, with no drug-related serious adverse events. In support of this study we also strengthened our balance sheet through an overnight marketed equity offering for gross proceeds of three million eight hundred thousand dollars.”
First Quarter 2013 Financial & Operational Highlights
•    Completed enrollment of the Phase 2 iDEAL study evaluating the efficacy and safety after repeated injections of iCo-007 in patients with Diabetic Macular Edema (DME).  The study to date has demonstrated a strong safety profile with no drug-related serious adverse events.
•    Completed overnight marketed offering of 9,655,771 units for aggregate gross proceeds of $ 3,379,519.90.
Summary First Quarter 2013 Results
iCo incurred a net and comprehensive loss of $ 2,886,831 for the six months ended June 30, 2013, compared to a net and comprehensive loss of $ 1,431,634 for the same period last year.  The increase was driven primarily by costs associated with the Phase 2 clinical trial, as well as share based compensation. This was partially offset by the gain on the IMMUNE shares in other investments.
Research and development expenses were $ 2,189,830 for the six months ended June 30, 2013 compared to $ 739,081 for the same period last year, representing an increase of $ 1,450,…Read more

Pharmalive – The Pulse of the Pharmaceutical Industry

Share This Post

Related Articles

Leave a Reply

© 2018 Global Regulatory Science. All rights reserved. Site Admin · Entries RSS · Comments RSS