- iCo Therapeutics (ICO) has closed its previously announced private placement
- The company issued 85,294,117 subscription receipts at C$0.085 for aggregate gross proceeds of approximately C$7.25 million
- Proceeds from the financing have been placed in escrow and, upon release, will be used for research, development, and general corporate expenses
- iCo is a Canadian biotechnology company
- iCo Therapeutics Inc. (ICO) is unchanged, trading at $0.105 per share at 11:15 am ET
iCo Therapeutics (ICO) has closed its previously announced private placement in connection with its proposed business combination with Satellos Bioscience Inc.
The completion of the arrangement will result in the reverse takeover of the company. The resulting entity will continue to operate in the life sciences industry under the name “Satellos Bioscience Inc.”
The company issued 85,294,117 subscription receipts at C$0.085 for aggregate gross proceeds of approximately C$7.25 million.
Each subscription receipt will entitle the holder to receive, upon satisfaction of certain escrow release conditions, one common share of Satellos Bioscience Inc.
The proceeds from the financing have been placed in escrow and, upon satisfaction of the escrow release conditions, will be used for research, development, and general corporate expenses.
Shares of Satellos Bioscience Inc. issued in connection with the financing will be subject to a hold period of 4 months and one day from the date of issuance.
Shares issued to former shareholders of Satellos pursuant to the arrangement will be subject to a lock-up agreement.
The financing was led by Bloom Burton Securities Inc. and includes Richardson Wealth Ltd.
iCo is a Canadian biotechnology company principally focused on the identification, development and commercialization of drug candidates to treat ocular and infectious diseases.
iCo Therapeutics Inc. (ICO) is unchanged, trading at $0.105 per share at 11:15 am ET.
