Vancouver, British Columbia--(Newsfile Corp. - October 22, 2019) - iCo Therapeutics Inc. ("iCo" or "the Company") (TSXV: ICO) (OTCQB: ICOTF) today announced several corporate developments.
iCo has been monitoring a current US court-mandated auction process, with respect to systemic uses of Bertilimumab, previously sublicensed to Immune Pharmaceuticals. On October 21, 2019, the bankruptcy court in New Jersey approved a sale order relating to the assignment of the sublicense of iCo's assets to Alexion Pharmaceuticals. With respect to the court approved assignment to Alexion, iCo did not object and our rights as the sub-licensor will continue under the sublicense agreement if Alexion acquires the asset in accordance with terms submitted to the bankruptcy court. Further approval by Israeli courts will be required. We expect in the coming weeks to comment on outcomes, a potential new partnership and next steps for this asset.
For more information regarding the successful bidder for the sublicense, please refer to:
Separately, iCo has also solicited bids from CROs for assistance with iCo's wholly-owned ocular Bertilimumab asset. Currently we expect to engage the Food and Drug Administration regarding an additional Phase 2 study in ophthalmology, to be run by the Company and/or prospective partners.
About iCo Therapeutics
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".
For more information, visit the Company website at: www.icotherapeutics.com.
No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain statements included in this press release may be considered "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. 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. Forward-looking statements in this press release include statements relating to the timing and completion of the Private Placement and the use of proceeds therefrom. All forward-looking statements are based on iCo's current beliefs as well as assumptions made by and information currently available to iCo 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 are based only on information currently available to iCo and speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo in its public securities filings and on its website, actual events may differ materially from current expectations. iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Chief Executive Officer
iCo Therapeutics Inc.
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