iCo Therapeutics reports financial results for three months ended September 30, 2009

iCo Therapeutics Inc. (TSX-V: ICO) today reported financial results for the three months ended September 30, 2009. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).

Summary Q3 2009 Results

We incurred a net and comprehensive loss of $556,976 for the three months ended September 30, 2009 compared to a net and comprehensive loss of $620,320 for the three months ended September 30 2008, representing a decrease of approximately $63,344. The decrease in our net and comprehensive loss was principally caused by an overall decrease in both research and development expenses and general and administrative expenses.

Interest Income

Interest income is earned primarily through interest on excess cash balances that are invested in short term, high quality investments that are highly liquid. Interest income for the three months ended September 30, 2009 was $628, compared to $10,425 for the three month period ending September 30, 2008, resulting in a decrease of $9,797.

Research and Development

Research and development expenses were $275,907 for the three months ended September 30, 2009 compared to $317,578 for the three months ended September 30, 2008, representing a decrease of $41,671. This decrease in the three months ending September 30, 2009 compared to the three months ending September 30, 2008 were attributable to a reduction in personnel salaries and consultants' fees.

General and Administrative

For the three months ended September 30, 2009 general and administrative expenses were $226,601 compared to $225,560 for the three months ending September 30, 2008, representing an increase of $1,041. This increase in the three months ending September 30, 2009 compared to the three months ending September 30, 2008 were attributable to a modest increase in professional fees.

Amortization

Amortization for the three months ended September 30, 2009 was $29,100 compared to amortization of $29,081 for the three months ended September 30, 2008, an increase of $19.

Foreign Exchange

Foreign exchange gain for the three months ended September 30, 2009 was $785 compared to foreign exchange loss of $12,727 for the same period in 2008, representing a decrease of $13,512.

Stock Based Compensation

Stock based compensation for the three months ended September 30, 2009 was $26,781 compared to $45,799 for the three months ended September 30, 2008, a decrease of $19,018.

Liquidity and Outstanding Share Capital

As at September 30, 2009, we had cash and cash equivalents of $871,292 compared to $620,276 as at December 31, 2008. Surplus cash is invested in redeemable, short-term money market investments. As at September 30, 2009, the Company had working capital of $491,802 compared to $234,196 as at December 31, 2008.

As at November 25, 2009, we had an unlimited number of authorized common shares with 38,147,926 common shares issued and outstanding.