VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2010) - iCo Therapeutics Inc. (TSX VENTURE:ICO) is pleased to announce that it has entered into a Technology Transfer Agreement (the "Agreement") with Isis Pharmaceuticals, Inc. ("Isis") to transfer certain technology related to the manufacture of iCo-007 to iCo in support of producing clinical grade drug product for iCo's planned Phase II clinical program.
In consideration for the technology transfer, iCo will issue to Isis a warrant (the "Warrant") to purchase 235,000 shares of iCo's Common Stock at an exercise price of $0.61. The Warrant will have a term of two years.
"Once again, our partner Isis has demonstrated its confidence and support for iCo and our iCo-007 program. This Agreement enables us to begin the process of generating a clinical supply of iCo-007 for our planned Phase II clinical trial", stated iCo's CEO, Andrew Rae. "We are also pleased that Isis elected to continue to invest in our future by taking warrants as consideration for the technology transfer."
"An important component of our business strategy is to encourage innovation and support the advancement of antisense drugs, including those drugs our satellite company partners are developing," said B. Lynne Parshall, COO and CFO of Isis Pharmaceuticals. "iCo-007 is a product of our satellite company strategy, and we are pleased to continue to support the development of iCo-007. Recently, iCo reported the results of a Phase I study in patients with diffuse diabetic macular edema that demonstrated iCo-007 was well tolerated with a good safety profile and a positive trend toward a reduction in retinal thickness. Observing activity of iCo-007 in a Phase I study is very encouraging, and we look forward to the initiation of a Phase II program in patients with diffuse diabetic macular edema."
Designed and discovered by ISIS Pharmaceuticals Inc., (NASDAQ: ISIS), iCo-007 is a second-generation antisense drug targeting c-Raf kinase for the treatment of DME and diabetic retinopathy.
The primary endpoint of the Company's open label, dose escalating Phase I trial is safety, with visual acuity and measures of retinal thickness serving as secondary endpoints. Four U.S. clinical sites participated.
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 DME, iCo-008; a product with Phase II clinical history to be developed for severe ocular allergies and age related macular degeneration; and iCo-009, an oral formulation 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 was recently awarded a Gold Leaf Award as the Early Stage Company of the Year from BIOTECanada and trades on the TSX Venture Exchange under the symbol "ICO". For more information, visit the Company website at: www.icotherapeutics.com.
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.
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.