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iCo Therapeutics, Skymount to joint develop iCo-019
2020-12-31 09:26 ET - News Release
Mr. William Jarosz reports
ICO THERAPEUTICS ANNOUNCES JOINT DEVELOPMENT OF ICO-019 WITH SKYMOUNT MEDICAL
iCo Therapeutics Inc. and Skymount Medical Inc. have entered into a non-binding memorandum of understanding to develop iCo-019, iCo's oral amphotericin B formulation. Skymount will initially commit up to $US 550,000 for pre-clinical work targeting the use of iCo-019 as a therapeutic product for infections relating to COVID-19.
"I am delighted that Skymount has recognized the potential we have created for iCo-019 and are supporting our development of the asset," said William Jarosz, the Chief Executive Officer of iCo.
"The Skymount Medical team is honored to be collaborating with iCo to improve global public health for COVID and other indications. We are also excited by the prospect of our collaboration and the possibilities for bringing new pharmaceuticals into the market with a game-changing delivery technology," noted Zubin Kothawala, the Chief Executive Officer of Skymount Medical.
iCo and Skymount expect to begin joint development of iCo-019 for COVID-19-related indications in Q1, 2021.
The Memorandum of Understanding is non-binding and subject to the negotiation and execution of a definitive binding agreement that is acceptable to both parties.
About iCo Therapeutics Inc.
iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company's core focus areas and if so the Company will seek to capture further value via partnerships. iCo shares trade on the TSX Venture Exchange under the symbol "ICO" and on the OTCQB under the symbol "ICOTF".
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