Vancouver, B.C., December 31, 2007 – iCo Therapeutics Inc. (“iCo”) and Beanstalk Capital Ltd. (“Beanstalk”) are pleased to announce the completion of an arrangement (the “Arrangement”) involving iCo, Beanstalk and 448073 Canada Inc. (“Beanstalk Subsidiary”). The Arrangement was approved by securityholders of iCo on November 23, 2007 and by the Supreme Court of British Columbia on December 21, 2007.
The Arrangement constitutes Beanstalk’s “Qualifying Transaction” as a TSX-V capital pool company. Under the Arrangement, iCo has amalgamated with Beanstalk Subsidiary and all of the issued and outstanding securities of iCo, including options and warrants, have been taken up by Beanstalk and paid for by the issuance of equivalent Beanstalk securities on a one-for-one basis. The amalgamated company, which will be known as iCology Corporation, will be a wholly-owned subsidiary of Beanstalk. The common shares of Beanstalk, which will be renamed iCo Therapeutics Inc., are expected to commence trading on the TSX-V under the stock symbol “ICO” on January 7, 2007.
iCo is an emerging biotechnology company focused on the identification, development and commercialization of drug candidates that treat sight and life threatening diseases through a development-only business model. iCo’s strategy is to in-license drug candidates that have clinical or pre-clinical history and compelling evidence of scientific, clinical and commercial potential in ocular and other disease indications.
iCo has entered into license agreements for the exclusive world-wide right to develop and, upon regulatory approval, market two product candidates (iCo-007 and iCo-008) that iCo believes have the potential to treat sight threatening and life threatening conditions. iCo has an option to enter into a license agreement for the exclusive world-wide right to develop and, upon regulatory approval, market a third product candidate (iCo-009) that iCo believes has the potential to treat ocular and systemic fungal diseases.
THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO BUYSECURITIES IN ANY JURISDICTION. THE COMPANY’S SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITEDSTATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO PERSONS IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THEREGISTRATION REQUIREMENTS.