Still a holder of ICO for over 6 months, Averaged down. Then this News..
CNW Group
iCo Therapeutics ("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today reported financial results for the year ended December 31, 2015. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS").
2015 Financial & Operational Highlights
-- Announced the engagement of Corealis Pharma Inc. ("Corealis") a contract manufacturing organization, for the analytical development, formulation optimization and scale-up of the Oral Amphotericin B Delivery System. The preparation and regulatory filings for this program are expected to be completed in 2016, with Phase 1A study data available in 2017. -- Strengthened our intellectual property position around the Oral Amphotericin B asset. iCo now has eleven issued patents related to the technology. -- Our Israeli partner continued to progress iCo-008 in several clinical studies, including commencement of enrollment of patients into a Phase 2 ulcerative colitis study. -- Announced the appointment of Susan Koppy and John Meekison, iCo's Chief Financial Officer, to iCo's Board of Directors. Subsequent to the 2015 year end, it was announced that the Company was undertaking a strategic re-organization in an effort to preserve its asset base and maximize shareholder value.
Summary Fiscal 2015 Results
iCo incurred a total comprehensive loss of $1,724,314 for the year ended December 31, 2015 compared to a total loss of $2,079,657 for the year ended 2015, representing a decrease of $355,343. The decrease in our net and comprehensive loss was principally the result of a gain in foreign exchange.
Research and development expenses were $648,439 for the year ended December 31, 2015 compared to $669,485 for the year ended December 31, 2014, representing a decrease of $21,046. The Research and Development expenses are now primarily related to development activities for our Oral Amphotericin B Delivery System.
For the year ended December 31, 2015, general and administrative expenses were $1,563,347 compared to $1,590,444 for the year ending December 31, 2014, representing a decrease of $27,097.
Foreign exchange gain for the year ended December 31, 2015 was $431,588 compared to foreign exchange loss of $14,672 for the same period in 2014, representing an increase of $446,260. The changes for the period primarily reflect fluctuations in the exchange rate between the Canadian and U.S. dollar.
Liquidity and Outstanding Share Capital
As at December 31, 2015, we had cash and cash equivalents and short-term investments of $3,753,982 compared to $5,707,787 as at December 31, 2014.
As at April 14, 2016, we had an unlimited number of authorized common shares with 84,457,713 common shares issued and outstanding.
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 holds worldwide rights to an oral drug delivery platform, with Oral Amphotericin B (Amp B) as the initial platform candidate, utilizing a known anti-fungal drug to treat life-threatening infectious diseases. iCo also has worldwide rights to two drug candidates: iCo-007 is a second generation antisense drug candidate targeting C-Raf kinase and iCo-008 is a monoclonal antibody targeting eotaxin-1. With Phase 2 clinical history, Bertilimumab (iCo-008) is a candidate for the treatment of vernal or atopic keratoconjunctivitis and wet age-related macular degeneration. iCo-008 is in Phase 2 clinical studies with iCo's partner, Immune Pharmaceuticals. iCo trades on the TSX Venture Exchange under the symbol "ICO" and the OTCQX under the symbol "ICOTF".
Wondering If there will be a take over, No news yet.....
Rreverse stock split ( Which never has a positive outcome )?,, GLTA..Cheers!