/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, July 13, 2012 /CNW/ - iCo Therapeutics Inc. ("iCo" or "the
Company") (TSX-V: ICO) announced today that it has closed its
previously announced prospectus offering of 5,675,332 units ("Units")
at a price of $0.45 per Unit for aggregate gross proceeds of
$2,553,899.40 (the "Offering"). Each Unit is comprised of one common
share of the Company (a "Common Share") and one common share purchase
warrant (a "Warrant"). Each Warrant entitles the holder to acquire one
Common Share at a price of $0.60 per share for a period of 2 years
following closing of the Offering.
The Units were issued pursuant to an agency agreement between the
Company and Euro Pacific Canada Inc. (the "Agent"). The Agent
appointed a soliciting dealer group of other registered dealers
including Bloom Burton Co. (together with the Agent, the "Selling
Group") for the purpose of arranging the purchase of Units under the
Offering. The Selling Group received a cash commission equal to 8% of
the gross proceeds of the Offering and a compensation option entitling
them to acquire, at a price of $0.45 per unit, up to that number of
compensation units ("Compensation Units") equal to 8% of the number of
Units issued under the Offering for a period of 2 years following the
closing of the Offering. Each Compensation Unit consists of one
Common Share and one common share purchase warrant having substantially
the same terms and conditions as the Warrants.
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 within the United States 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 in the United States.
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 2 for the treatment of Diabetic Macular
Edema (DME); iCo-008 (Bertilimumab), a product with Phase 2 clinical
history to be developed for sight threatening diseases; and an oral
Amphotericin B delivery system for life-threatening infectious
diseases. Immune Pharmaceuticals licensed systemic rights to iCo-008 in
June 2011. iCo trades on the TSX Venture Exchange under the symbol
"ICO". For more information, visit the Company website at: www.icotherapeutics.com.
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.
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'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 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; 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.