VANCOUVER, Aug. 28 /CNW/ -- VANCOUVER, Aug. 28 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) today reported interim financial results (unaudited) for the three and six months ended June 30, 2008. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).
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Summary Q2 2008 Results
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Selected Statement of Operations Data Three Months ended June 30
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2008 2007
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Gain (loss) from operations $ (671,290) $ (716,648)
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Weighted average number of shares outstanding,
basic and diluted 15,798,575 10,237,829
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Net gain (loss) per share, basic and diluted $ (0.04) $ (0.07)
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Selected Balance Sheet Data Six Months Year ended
ended June 30, December 31,
2008 2007
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Cash plus short term investments $ 1,398,585 $ 1,931,407
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Net working capital $ 1,387,904 $ 1,608,921
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Total assets $ 2,673,075 $ 3,279,056
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Long term liabilities - -
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Total shareholders' equity $ 2,218,107 $ 2,495,115
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We incurred a net loss of $671,290 for the three months ended June 30, 2008 compared to a net loss of $716,648 for the same period in 2007, representing a decrease of approximately $45,358.
Research and development expenses were $365,276 for the three months ended June 30, 2008 compared to $377,444 for the same period in 2007, representing a decrease of $12,168. For the three months ended June 30, 2008 general and administrative expenses were $243,742 compared to $285,972 for the same period in 2007, representing a decrease of $42,230.
We realized a net cash outflow of $490,648 for the six months ended June 30, 2008 reflecting overall operating costs for the company for the six months of $1,603,136, less $1,112,488 of cash inflows coming primarily from financing proceeds received in the second quarter. This compares to a net cash inflow of $84,564 for the six months ended June 30, 2007, which was principally due to financing proceeds of $2,540,665 offset by cash outflow from operations and investing activities of $2,625,299. While we expect that overall cash outflows for the next 12 months will remain fairly consistent with outflows experienced for the six months ended June 30, 2008, we are undertaking efforts to conserve cash resources wherever possible and as such, cash outflows may decline moderately over the next six months. Any cash inflows will be highly dependent on our ability to raise equity capital.
Liquidity and Outstanding Share Capital
As at June 30, 2008, we had cash and cash equivalents of $1,398,585 compared to $1,931,407 as at December 31, 2007. Surplus cash is invested in redeemable, short-term money market investments. As at June 30, 2008, the company had working capital of $1,387,904 compared to $1,608,921 as at December 31, 2007. We anticipate that our current cash on hand plus expected receivables (relating to Canadian Scientific and Research Development tax credits and a pending claim for United Kingdom Value Added Tax related to the manufacture of iCo-008) will be sufficient to fund operations through to the first quarter of 2009, at which time we will need to obtain additional proceeds through equity or debt financing or by selling or licensing our technology for cash proceeds. However, our working capital position may not be sufficient to meet its stated business objectives in the event unforeseen circumstances or a change in our strategic direction.
For complete financial results, please see our filings at www.sedar.com.
About iCo Therapeutics
iCo Therapeutics Inc. is a Vancouver-based reprofiling company focused on redosing or reformulating drugs with clinical history for new or expanded indications. iCo has exclusive worldwide rights to three products, iCo-007, in Phase I for the treatment of Diabetic Macular Edema, iCo-008, a product with Phase II clinical history to be developed for severe ocular allergies, and iCo-009, an oral reformulation of Amphotericin B for sight and life - threatening diseases. iCo-009 also represents a new drug delivery technology with the potential to reprofile other parenteral administered drugs to the oral route of administration. iCo Therapeutics trades on the TSX-Venture exchange under the symbol "ICO". www.icotherapeutics.com
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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.
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Forward Looking Statements
Certain statements included in this press release may be considered forward-looking. 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 Therapeutics' current beliefs as well as assumptions made by and information currently available to iCo Therapeutics 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 speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo Therapeutics in its public securities filings; actual events may differ materially from current expectations. iCo Therapeutics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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