Immune Pharmaceuticals is the partner and they have made ICO-008 their lead candidate...

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Based on a recent interview and article in BioPharm Insight, Immune's CEO Daniel Teper says they are gearing up to do a $20-$30million raise between Q4-12 and Q1-13 and in conjunction with the raise list on a major NY exchange.  In fact they are in "advanced discussions" with a major US investment bank to facilitate these activities.  The proceeds from this raise will be used towards progressing 008 into Phase II studies for ulcerative colitis, Crohn's disease and bullous pemphigod.  A 200-300 patient Phase IIb study in ulcerative colitis is planned for 2013.  The study will be conducted at multiple sites in the US, Europe and Israel.  008 is a monoclonal antibody and four of the top 10 selling drugs are monoclonal antibodies.

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What does this mean for ICO shareholders?

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Well, if you look back on the iCo press release from Dec 8, 2010...the company licensed 008 to Immune for US$33M plus royalties.  This means that these hefty seven figure milestone payments will start flowing into ICO next year.  Furthermore, ICO owns ~6% of Immune which post IPO will be a nice valuation.

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All that value from a "non-core" asset!! 

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See links for full interview and article:

http://www.onemedplace.com/blog/archives/11802

http://immunepharmaceuticals.com/images/stories/news/BioPharm_Insight_-_Article_2.pdf