VANCOUVER, Feb. 17, 2016 /CNW/ - iCo Therapeutics Inc.
("iCo" or "the Company") (TSX-V: ICO) (OTCQX: ICOTF), today
announces the grant of stock options to directors, officers and
consultants to the Company.
iCo has granted an aggregate of 850,000 options to acquire
common shares of the Company at an exercise price of $0.05. The options will expire on
February 16, 2021 and shall vest as
follows: 1/5 on today's date (the "Effective Date"), 1/5 three (3)
months after the Effective Date, 1/5 six (6) months after the
Effective Date, 1/5 nine (9) months after the Effective Date and
the remaining 1/5 to vest ratably per month beginning ten (10)
months after the Effective Date and ending eighteen (18) months
after the Effective Date.
After giving effect to this option grant, a total of 2,995,000
stock options will be issued and outstanding with 690,357 remaining
for future issuance under the Company's stock option plan.
Management continues to believe that the current market
capitalization of the Company does not accurately reflect iCo's
intrinsic value. As a reflection of this, Andrew Rae, iCo's CEO, has purchased 1,000,000
common shares of the Company at market prices since January 20, 2016.
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 holds worldwide rights to an oral drug
delivery platform, with Oral Amphotericin B (Amp B) as the initial
platform candidate, utilizing a known anti-fungal drug to treat
life-threatening infectious diseases. iCo also has worldwide rights
to two drug candidates: iCo-007 is a second generation antisense
drug candidate targeting C-Raf kinase and iCo-008 is a monoclonal
antibody targeting eotaxin-1. With Phase 2 clinical history,
Bertilimumab (iCo-008) is a candidate for the treatment of vernal
or atopic keratoconjunctivitis and wet age-related macular
degeneration. iCo-008 is in Phase 2 clinical studies with iCo's
partner, Immune Pharmaceuticals. 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.
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.
