iCo Therapeutics raises $1.3 million in financing

This financing provides the company with sufficient capital to develop iCo-007 through to the completion of the Phase I 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, participated as a lead investor in the financing, along with select insiders and existing shareholders.

The private placement represents 6.462 million common shares and 3.23 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.

Lynne Parshall, COO and CFO of Isis Pharmaceuticals, said: “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.”