On May 19, 2020 iCo Therapeutics Inc. (TSXV: ICO) (OTCQB: ICOTF) ("iCo" or "the Company"), reported financial results for the year ended December 31, 2019. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards ("IFRS") (Press release, iCo Therapeutics, MAY 19, 2020, View Source [SID1234562020]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Stated William Jarosz, President and CEO of iCo Therapeutics Inc., "2019 represented a year of significant advances as we entered into a Phase 1b clinical trial for Oral Amphotericin B and we welcomed a new partner, Alexion Pharmaceuticals Inc., who are developing our iCo-008 (also known as bertilimumab). While COVID-19 has disrupted our business as with many other companies, we remain encouraged by our progress in 2019."

2019 Operational and Financial Highlights

Oral Amp B Delivery System

On December 9, 2019, we initiated a second study using oral Amphotericin B (Phase 1b) exploring safety and pharmacokinetics of multiple ascending drug doses (MAD) in healthy subjects. On February 25, 2020 we announced that that this study was successfully completed with no serious adverse events. On April 15, 2020, we announced the pharmacokinetic data from this study which showed a doubling in the AUC (0-inf), a measure of drug accumulation, after 10 days dosing compared to day 1 dosing.

iCo-008

On October 21, 2019, the US Court approved a sales order which assigned IMMUNE’s rights and obligations under the IMMUNE License Agreement to Alexion Pharmaceuticals Inc. This approval was followed by the Israeli court’s approval of the US driven sales order. Under the terms of the sales order, Alexion was required to pay US$6 million into the Court in the settlement of IMMUNE’s creditor claims in exchange for IMMUNE’s rights under the IMMUNE License Agreement.

Corporate

During the year, we completed two private placements for net proceeds of approximate $3 million.

Financial Results for Year End 2019

We incurred a total comprehensive loss of $1,932,202 for the year ended December 31, 2019 compared to a total comprehensive loss of $1,712,724 for the year ended December 31, 2018, representing an increased loss of $219,478. The increase in the loss is primarily the result of higher general and administrative expenses and lower research and development tax credits offset by lower research and development expenses recognized during 2019.

Research and development expenses were $917,475 for the year ended December 31, 2019 compared to $1,420,457 for the year ended December 31, 2018, representing a decrease of $502,982. The decrease related to lower contract research expenses because there were no clinical trials conducted on the Oral Amp B program until December 2019. In the prior year, research and development expenses related to the manufacture of clinical drug supplies and the initiation and successful conclusion of its Phase 1a clinical study in Australia.

For the year ended December 31, 2019 general and administrative expenses were $1,288,198 compared to $781,282 for the year ended December 31, 2018, representing an increase of $506,916. The increase reflects higher professional fees and management consulting fees during the period due to the Company’s participation in the IMMUNE bankruptcy process.

Liquidity and Outstanding Share Capital

As at December 31, 2019, we had cash and cash equivalents of $989,937 compared to $10,140 as at December 31, 2018.

As at May 15th, 2020, we had an unlimited number of authorized common shares with 153,747,713 common shares issued and outstanding.

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