VANCOUVER,
Jan. 27, 2014 /PRNewswire/ - iCo
Therapeutics Inc. ("iCo" or "the Company") (TSX-V: ICO) (OTCQX:
ICOTF) announced today that it has closed its previously announced
overnight marketed offering of equity securities (the
"Offering"). Pursuant to the Offering, iCo issued 16,206,483
units of the Company ("Units") at a price of $0.4165 per Unit for aggregate gross proceeds of
C$6.75 million. Each Unit is
comprised of one common share of the Company (a "Common Share") and
three-quarters of one common share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant is exercisable at a price
of C$0.539 and entitles the holder
thereof to acquire one Common Share for a period of five years
following the date of issuance of the Warrant.
The Units were issued pursuant to an agency
agreement between the Company and a Canadian agent (the "Agent")
pursuant to which the Agent received a cash commission equal to
7.0% of the gross proceeds of the Offering (except in
respect of Units issued to certain specified purchasers, in which
case the cash commission was reduced to 3.5%).
The Company intends to use the net proceeds of
the Offering to finance the iDEAL Study and for general and
administrative expenses.
The Offering was completed in each of the
provinces of British Columbia,
Alberta and Ontario pursuant to a prospectus supplement
dated January 22, 2014 to iCo's base
shelf prospectus dated July 3, 2012
and elsewhere on a private placement basis.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act"), or any state
securities laws, and accordingly, may not be offered or sold to, or
for the account or benefit of, persons in the United States or "U.S. persons," as such
term is defined in Regulation S promulgated under the U.S.
Securities Act ("U.S. Persons"), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions
therefrom. This press release does not constitute an offer to
sell or a solicitation of an offer to buy any of the Company's
securities to, or for the account or benefit of, persons in
the United States or U.S.
Persons.
Copies of the prospectus supplement and the
accompanying base shelf prospectus relating to the Units are
available under the Company's profile on SEDAR at
www.sedar.com.
About iCo Therapeutics
iCo Therapeutics in-licenses and redefines
existing drug candidates or generics by employing reformulation and
delivery technologies for new or expanded use indications. The
Company has exclusive worldwide rights to two drug candidates -
iCo-007 for Diabetic Macular Edema (DME) and iCo-008 for other
sight-threatening diseases. iCo-007 is in Phase 2 clinical studies
for DME. With Phase 2 clinical history, iCo-008 is targeted for the
treatment of keratoconjunctivitis and wet age-related macular
degeneration. In addition, iCo holds worldwide rights to an oral
drug delivery platform. The first platform candidate is the Oral
Amp B Delivery system, utilizing a known anti-fungal drug to treat
life-threatening infectious diseases. iCo trades on the TSX Venture
Exchange under the symbol "ICO" and the OTCQX 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.
Forward Looking Statements
Certain statements included in this press release may be
considered forward-looking statements" within the meaning of
applicable securities laws. Forward-looking statements 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 and includes, but is not
limited to, statements about the intended use of proceeds of the
Offering. 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'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.
SOURCE iCo Therapeutics Inc.
