iCo Therapeutics (“iCo†or “the Companyâ€) (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the quarter ended June 30, 2015. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRSâ€).
“We continue pre-clinical activities with respect to our Oral Amp B program, rapidly advancing towards the selection of a contract manufacturer,†said Andrew Rae, President CEO of iCo Therapeutics. “We have also seen our partner make Phase two clinical advancements with the support of a $21.5 million financing. Over the course of the fall we hope to provide updates with respect to due diligence on complimentary assets.â€
Summary Second Quarter 2015 Results
iCo incurred a total comprehensive loss of $738,607 (loss per share of $0.01) for the quarter ended June 30, 2015, compared to total comprehensive loss of $2,982,109 (loss per share of $0.04) for the quarter ended June 30, 2014, representing a reduced loss of $2,243,502. This decrease is primarily a result of the both the sale and change in value of our investment in Immune Therapeutics Inc., as well completion of our iCO-007 iDEAL trial.
Research and development expenses were $176,049 for the quarter ended June 30, 2015 compared to $401,396 for the quarter ended June 30, 2014, representing a reduction of $225,347. This decrease in research and development expenses is primarily due to the completion of the iCo-007 iDEAL trial.
For the quarter ended June 30, 2015 general and administrative expenses were $480,852 compared to $569,783 for the quarter ending June 30, 2014, representing a decrease of $88,931, primarily as a result of reduced stock based compensation.
Liquidity and Outstanding Share Capital
As at June 30, 2015, we had cash and cash equivalents and short-term investments of $4,532,017.
As at August 28, 2015, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding.
iCo Therapeutics Inc.