VANCOUVER, Feb. 9 /PRNewswire-FirstCall/ - iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce the completion of a $1,292,500 non-brokered private placement. This financing provides the company with sufficient capital to develop iCo-007 through to the completion of the Phase 1 clinical trial. iCo-007 is targeting the treatment of Diabetic Macular Edema. The balance of funds will provide the company with additional working capital. iCo's partner Isis Pharmaceuticals Inc., (NASDAQ: ISIS), participated as a lead investor in the financing, along with select insiders and existing shareholders.
"We are pleased to be able to invest in the advancement of iCo-007, a promising drug in our pipeline being developed with the ocular disease expertise of our partners at iCo," said B. Lynne Parshall, COO and CFO of Isis Pharmaceuticals. "This funding will help move iCo-007 to a key value inflection point by supporting completion of the ongoing study in patients with diffuse macular edema. iCo-007 is a product of our satellite company strategy to exploit antisense technology beyond our core areas of focus to provide new treatment options in a broad range of diseases. With the benefit of our strong financial position, strengthening our pipeline in a variety of ways is a key strategic imperative. This transaction represents one step toward achieving that goal."
The private placement represents 6,462,500 common shares and 3,231,250 million warrants. Each warrant will entitle the holder, on exercise, to purchase one additional Common Share at a price of $0.30 at any time prior to the date 12 months following the closing date. The closing of the first tranche of this placement, in the amount of $582,750, was announced on January 30th, 2009.
A finder's fee of 7% will be payable to certain arm's length third parties with respect to a portion of the private pl
|SOURCE iCo Therapeutics Inc.|
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