Satellos Bioscience Inc Com V.ICO

Zacks Research target of 15 Cents U.S.

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So approx. 17 Cents CDN based on cash amount at end of the year 2014. Zacks Investment Research upgraded shares of iCo Therapeutics Inc. (ICOTF) from N/A to NEUTRAL on June 10, 2014, with a target price of $0.15. On June 9, 2014, iCo Therapeutics Inc. announced top-line results from the iCo-007 Phase 2 iDEAL study in patients with diabetic macular edema (DME). Results look like a complete failure, not only of the efficacy of iCo-007, but also the active control in ranibizumab (Lucentis ). From these initial data, one can only conclude that iCo-007 has no clinical utility or commercial potential. The company will continue to follow patients through 12 months of treatment and plans to present and publish the full data later in 2014. At that time, subset analysis of VEGF-refractory patients may show a niche commercial market for the drug if iCo-007 was helping patients that previously failed drugs such as Lucentis or Eylea (aflibercept). However, for now we assign no value for iCo-007. We believe the company is worth approximately $17.5 million in total value, or around $0.15 per share based on potential for Immune Pharmaceuticals (IMNP) to develop iCo-008 in inflammatory and orphan diseases, the potential to partner iCo-009, an oral Amphotericin B candidate, plus estimated cash at year end 2014