Satellos Bioscience Inc Com V.ICO

ICO announces third quarter financials

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iCo Therapeutics Announces Third Quarter 2013 Financial Results

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VANCOUVER, Nov. 27, 2013 /CNW/ - iCo Therapeutics (TSX-V: ICO), today
reported financial results for the quarter ended September 30, 2013.
Amounts, unless specified otherwise, are expressed in Canadian dollars
and presented under International Financial Reporting Standards
("IFRS").


"While the past quarter was quiet from a news flow perspective, we were
very busy following the completion of enrollment of the iDEAL Study in
June," said Andrew Rae, iCo's President & CEO. "The completion of
enrollment initiated the countdown to our primary endpoint for the
study: eight month visual acuity as compared to baseline, and we expect
to announce this in March or April. This is a very large phase two
study in diabetic macular edema that has to date demonstrated a strong
safety profile, with no drug-related serious adverse events and will
represent the largest value inflection point in the company's history."


Third Quarter 2013 Financial & Operational Highlights



Presented at the Rodman & Renshaw 2013 Annual Global Investment
Conference. More than 200 public and private companies from around the
world presented in front of an audience of over 1,500 attendees



Subsequent Highlights



Announced management's presentation at the 5th Annual Ophthalmology
Innovation Summit - an invitation only corporate presentation,
highlighting the Company's Phase 2 iDEAL Study for diabetic macular
edema to a who's who of the ophthalmology space


Announced the exercise of 3,207,000 warrants from the November 1st 2011
financing which were exercisable at $0.30 and due on November 1, 2013,
for total proceeds of approximately of $962,000



Summary Third Quarter 2013 Results

iCo incurred a net and comprehensive loss of $5,220,617 for the nine
months ended September 30, 2013, compared to a net and comprehensive
loss of $2,335,886 for the same period last year. The increase was
driven primarily by costs associated with the Phase 2 clinical trial, a
loss in the fair value of our investment in Immune Pharmaceuticals Inc.
("IMMUNE") as well as share based compensation. This was partially
offset by the gain on the value of our IMMUNE warrants in other
investments.


Research and development expenses were $3,558,167 for the nine months
ended September 30, 2013 compared to $1,321,383 for the same period
last year, representing an increase of $2,236,784. This increase in
research and development expenses is due to higher costs relating to
the iDEAL Phase 2 clinical trial.


General and administrative expenses primarily comprise salaries, stock
based compensation and benefits for company employees not involved in
research and development, professional fees such as legal and
accounting expenses, and expenses related to office overheads. For the
nine months ended September 30, 2013 general and administrative
expenses were $1,589,172 compared to $1,020,091 for the nine months
ending September 30, 2012, representing an increase of $569,081. The
higher expenses are due to increased stock based compensation and
professional fees.


Liquidity and Outstanding Share Capital

As at September 30, 2013, we had cash and cash equivalents and
short-term investments of $2,143,000 compared to $1,260,196 as at
December 31, 2012. This does not include the exercise of warrants
subsequent to the end of our third quarter.


As at November 27, 2013, we had an unlimited number of authorized common
shares with 67,811,230 common shares issued and outstanding and
15,765,918 warrants outstanding with exercise prices ranging between
$0.40 and $0.60 and expiry dates ranging from July 4, 2014 to May 17,
2018.


As at November 27, 2013, we had 2,965,000 options outstanding. Each
option entitles the holder to purchase one additional common share at
exercise prices ranging from $0.18 to $0.73 and expiry dates ranging
from February 14, 2014 to September 5, 2018.


For complete financial results, please see our filings at www.sedar.com.


About iCo Therapeutics

iCo Therapeutics in-licenses and redefines existing drug candidates or
generics by employing reformulation and delivery technologies for new
or expanded use indications. The company has exclusive worldwide rights
to two drug candidates - iCo-007 for Diabetic Macular Edema (DME) and
iCo-008 for other sight-threatening diseases. iCo-007 is in Phase 2
clinical studies for DME. With Phase 2 clinical history, iCo-008 is
targeted for the treatment of keratoconjunctivitis and wet age-related
macular degeneration. In addition, iCo holds worldwide rights to an
oral drug delivery platform. The first platform candidate is the Oral
Amp B Delivery system, utilizing a known anti-fungal drug to treat
life-threatening infectious diseases. iCo trades on the TSX Venture
Exchange under the symbol "ICO". For more information, visit the
Company website at: www.icotherapeutics.com.


No regulatory authority has approved or disapproved the content of this
release. The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.


Forward Looking Statements

Certain statements included in this press release may be considered
forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. 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.




SOURCE iCo Therapeutics Inc.




For further information:



Mr. John Meekison, CFO iCo Therapeutics 604-602-9414 x [e-mail]

Michael Moore, Investor Relations TMX Equicom 858-886-7813 [e-mail]

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