Toronto, Ontario--(Newsfile Corp. - August 30, 2021) - Satellos Bioscience Inc. (TSXV: MSCL) ("Satellos"), formerly iCo Therapeutics Inc. ("iCo"), today filed financial results and MD&A reports for the second quarter which ended on June 30, 2021, on SEDAR. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards.
Satellos is developing small molecule drugs that restore faulty regeneration and repair observed in the muscles of patients with Duchenne muscular dystrophy and potentially other degenerative muscle disorders. On August 13, 2021, pre-Arrangement Satellos and iCo completed a business combination by way of a Plan of Arrangement (the "Arrangement") in accordance with Section 192 of the Canada Business Corporations Act. As the ending of the second quarter occurred prior to the Closing of the Arrangement, management is obliged to prepare separate financial statements and MD&A reports for each of pre-Arrangement Satellos and iCo for the 3-month period ending June 30, 2021. Consolidated statements for the combined entity will be reported commencing with the third quarter ending September 30, 2021.
Stated Frank Gleeson, CEO of Satellos, "We are very pleased to have received shareholder support from both predecessor companies on August 3, 2021. This enabled us to move forward to complete the business combination of iCo and pre-Arrangement Satellos on August 13, 2021, and to start trading on the TSX Venture Exchange as MSCL on August 18, 2021. Funds are now in place from the previously announced $7.25M private placement which closed into escrow on April 27, 2021, together with support from existing investors via the exercise of outstanding warrants, enabling us to vigorously pursue our new focus on regenerative medicine. Our principal aim is the development of first-in-class small molecule drugs to treat degenerative and life-threatening muscle disorders by modulating the body's innate muscle stem cells to generate new muscle fibers. We hope to be able to tell you more about our progress in the coming weeks."
Mr. Gleeson further commented, "Coincident with our new focus, we have created Amp B Technologies Inc. ("Amp B Tech"), an initially wholly-owned subsidiary. Amp B's purpose is to provide adequate space and time for developing the oral version of Amphotericin B ("Amp B") and "OralTransTM" -- the proprietary oral drug transport technology on which it is based, to realize their full potential. We are pleased that Mr. Bill Jarosz, formerly CEO of iCo will be CEO of the new entity and Dr. Kishor Wasan, PhD, formerly Director of Research of iCO, will be CSO, providing continuity and knowledgeable leadership."
Amp B Tech is actively pursuing independent funding and partnering opportunities for Amp B and OralTrans. "I am delighted to head Amp B Tech in addition to my ongoing role as a Director of Satellos," said Bill Jarosz, CEO of Amp B Tech. "Over the past several months we have launched exciting new collaborations to expand the market prospects for AmpB and OralTrans. We will continue to actively seek opportunities for our technology across a broad range of indication areas to create shareholder value."
About Satellos
Satellos is a regenerative medicine company dedicated to developing novel therapeutics that stimulate or restore muscle regeneration in severe disorders. Satellos was founded on the discovery that dysregulated muscle stem-cell polarity - a process that balances replenishment of muscle stem cells and production of specialized tissue cells- can lead to the inability of the body to properly repair and regenerate muscle throughout life. Satellos' lead program is focused on developing an oral therapeutic drug for Duchenne muscular dystrophy that serves to correct this dysregulation which Satellos has identified as a root cause of the progressive nature of this disease. Satellos believes defects in muscle regeneration play a critical underlying role in numerous muscle disorders spanning rare diseases through to mass market indications. Accordingly, Satellos applies its proprietary discovery platform, MyoReGenXTM, to identify regulatory pathways and drug candidates to treat muscle disorders where stem cell polarity is dysregulated. Satellos also maintains the rights to two clinical stage legacy assets as a result of the reverse takeover of iCo Therapeutics Inc. Founded in 2018, Satellos is headquartered in Canada. For more information about Satellos' regenerative therapeutic discovery platform, development programs, or licensing opportunities for iCo legacy assets please contact Ryan Mitchell, PhD, Director - Business Development @ rmitchell@satellos.com or visit Satellos.com.
For more information about Satellos contact:
Frank Gleeson
President and Chief Executive Officer
fgleeson@satellos.com
905.336.6128
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
THE SECURITIES ISSUED IN CONNECTION WITH THE ARRANGEMENT AND CONCURRENT FINANCING HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT') AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT. THE RESULTING ISSUER INTENDS TO ISSUE SUCH SECURITIES PURSUANT TO THE EXEMPTION FROM REGISTRATION SET FORTH IN SECTION 3(A)(10) OF THE 1933 ACT.
Notice on forward-looking statements:
This release includes forward-looking information or forward-looking statements within the meaning of Canadian securities laws, the 1933 Act, the U.S. Securities TSXV Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995 regarding Satellos and its business, which may include, but are not limited to, statements with respect to the ability to obtain regulatory approvals, the final approval of the TSXV and issuance of the final exchange bulletin, the use of proceeds from the Concurrent Financing, Satellos' technologies and drug development plans, the timeline to commence clinical trial testing in humans and evaluation plans for drug molecules, the timeline for Satellos Shares to resume trading. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may', "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, market conditions, economic factors, management's ability to manage and to operate the business of the company and the equity markets generally. Although Satellos has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Satellos does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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