News from last night
iCo receives TSX-V conditional OK for Satellos deal
2021-07-08 20:19 ET - News Release
Mr. William Jarosz reports
ICO THERAPEUTICS INC. ANNOUNCES TSX VENTURE EXCHANGE CONDITIONAL APPROVAL AND PROVIDES UPDATE REGARDING BUSINESS COMBINATION WITH SATELLOS BIOSCIENCE INC.
iCo Therapeutics Inc. has received formal conditional approval from the TSX Venture Exchange of iCo's proposed business combination with Satellos Bioscience Inc.
The company has filed an information circular on SEDAR that describes the transaction in detail and will be mailing the circular to shareholders on or about July 13, 2021. iCo has set Aug. 3, 2021, as the date of the special meeting of shareholders of the company to approve the transaction, in accordance with the rules of the exchange. The shareholder meeting is more fully described in the circular.
In connection with the transaction, iCo previously announced, on April 27, 2021, the successful closing of a private placement of 85,294,117 subscription receipts at a price of 8.5 cents per subscription receipt for aggregate gross proceeds of approximately $7.25-million, conditional upon successful closing of the transaction. The subscription receipts will convert into common shares of iCo following the satisfaction of the escrow release conditions attached to the subscription receipts.
Finally, iCo announces that if the transaction is approved by iCo and Satellos shareholders, the company expects trading of the shares of the combined company to begin trading on the exchange as Satellos Bioscience Inc. under the symbol MSCL during the week of Aug. 9, 2021.
William Jarosz, the chief executive officer of iCo, noted: "We are grateful to the exchange for their diligent work in approving this transaction. We are also grateful for the continuing support of iCo's shareholders, both in participating in the financing and for their patience during this time of change for the company. We have a number of new strategic initiatives underway that involve the new assets and technology platform from Satellos and our older legacy assets. We believe we are beginning a new era for iCo and its shareholders."
About iCo Therapeutics Inc.
iCo is a Canadian biotechnology company principally focused on the identification, development and commercialization of drug candidates to treat ocular and infectious diseases.
iCo generally focuses on in-licensing drug candidates with a clinical history and redose, reformulate, and develop drug candidates for the treatment of ocular and infectious diseases. iCo assumes the clinical, regulatory and commercial development activities for its product candidates and advances such candidates along the regulatory and clinical pathway toward commercial approval. iCo believes its approach may reduce the risk, time and cost of developing therapeutics by avoiding some of the uncertainty associated with certain research and preclinical stages of drug development.
iCo currently has two in-licensed product candidates in various stages of development: iCo-008 (or for potential use in eotaxin-1 mediated indications, sublicensed to Alexion Pharmaceuticals Inc., and an oral Amphotericin B delivery system under internal development for potential use in fungal infections).
We seek Safe Harbor.