Thanks JD for your post. Doing an merger always takes more time than one originally estimates, however, as you mentioned this should not affect iCo's overall wider picture.
What is of interest to us as shareholders is the valuation provided by this press. As outlined in the news, Immune would be valued at 61 million dollars, which means that iCo's 6% shares would be worth c. 3.7 million dollars. That still does not account for any premium that needs to be paid for iCo to sell. In addition, there are still 200k worth of warrants.
So if it takes another 3 months for iCo to receive north of 4 million dollars just from this deal going public I do not think that is a long time to wait. Its crucial to note that iCo is owed milestone payments upon the start of Ph2 trial of the newly listed company.
Many things to look forward in 2013.