In consideration for the technology transfer, iCo will issue to Isis a warrant to purchase 235,000 shares of iCo's Common Stock at an exercise price of $0.61. The Warrant will have a term of two years.

Designed and discovered by Isis, iCo-007 is a second-generation antisense drug targeting c-Raf kinase for the treatment of DME and diabetic retinopathy.

Andrew Rae, CEO of iCo, said: “This Agreement enables us to begin the process of generating a clinical supply of iCo-007 for our planned Phase II clinical trial. We are also pleased that Isis elected to continue to invest in our future by taking warrants as consideration for the technology transfer.”

Lynne Parshall, COO and CFO of Isis, said: “An important component of our business strategy is to encourage innovation and support the advancement of antisense drugs, including those drugs our satellite company partners are developing.

“iCo-007 is a product of our satellite company strategy, and we are pleased to continue to support the development of iCo-007. Recently, iCo reported the results of a Phase I study in patients with diffuse diabetic macular edema that demonstrated iCo-007 was well tolerated with a good safety profile and a positive trend toward a reduction in retinal thickness.”

How far this agreement will help both the companies?

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