By Devika Patel
Knoxville, Tenn., Feb. 9 - iCo Therapeutics Inc. said it settled a C$1.29 million non-brokered private placement of stock. The company raised C$582,750 in the first tranche on Jan. 30.
The company sold 6,462,500 common shares and 3,231,250 million warrants.
The one-year warrants are exercisable at $0.30 per share.
iCo's partner Isis Pharmaceuticals Inc. participated as a lead investor.
Proceeds will be used to develop iCo-007 through completion of the phase 1 clinical trial. The balance of funds will provide the company with additional working capital.
Based in Vancouver, B.C., iCo Therapeutics is a development-stage specialty pharmaceutical company focused on the reprofiling and repositioning of drugs and drug candidates with a clinical history for new disease indications.
| Issuer: | iCo Therapeutics Inc.
|
| Issue: | Common shares
|
| Amount: | C$1,292,500
|
| Shares: | 6,462,500
|
| Price: | C$0.20
|
| Warrants: | 3,231,250 warrants
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.30
|
| Agent: | Non-brokered
|
| Investor: | Isis Pharmaceuticals Inc. (lead)
|
| Settlement date: | Jan. 30 (for C$582,750), Feb. 9 (for C$709,750)
|
| Stock symbol: | TSX Venture: ICO
|
| Stock price: | C$0.22 at close Jan. 30
|
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