Research analyst, medium-term horizon, biotech, small-cap

Ico Therapeutics: Near-Term Catalyst Presents Enormous Upside

(Editors' Note: This article covers a stock trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.)

We have decided to take a very detailed look at iCo Therapeutics (ICO.V) (OTCQB:ICOTF) and the company's Phase 2 drug for Diabetic Macular Edema (DME), iCo-007, an anti-sense drug candidate in-licensed from ISIS Pharmaceuticals in 2005. Our research is presented below. Our sum-of-parts analysis tells us that iCo's stock has 125% upside based on a 50% probability of success of iDEAL in April 2014. Comparator analysis tell us that the shares could be worth as much as $3.00, or +633% upside, if iDEAL hits on

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