Shareholders Approve All Resolutions at iCo Therapeutics Annual General Meeting

June 8, 2009

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) (“iCo” or “the Company”) today announced that all matters considered by shareholders at the Company’s annual general meeting on June 5, 2009 (the “AGM”) were approved.

The following individuals were elected to iCo’s Board of Directors:

  • Chairman: William Jarosz, Co-Founder, Partner Cartesian Capital Group, LLC
  • Noel Hall, Co-Founder, Aspreva Pharmaceuticals Corporation
  • Richard Barker, Director General of the Association British Pharmaceutical Industry
  • Andrew Rae, President & Chief Executive Officer, iCo Therapeutics
  • John Clement, Chief Business Officer, iCo Therapeutics

At the AGM, shareholders also approved a resolution to amend the Company’s 2007 Stock Option Plan (the “Stock Option Plan”) to increase the number of common shares reserved for issuance pursuant to the exercise of stock options from 2,686,977 common shares to 3,200,000 common shares. Under the rules of the TSX Venture Exchange, the number of shares reserved for issuance under a stock option plan must not exceed 20% of a company’s issued and outstanding share capital. The number of common shares reserved for issuance under the Stock Option Plan will represent 11.34% of the currently issued and outstanding common shares of the Company. The proposed amendment to the Stock Option Plan is subject to the approval of the TSX Venture Exchange.

About iCo Therapeutics Inc.

iCo Therapeutics Inc. is a Vancouver-based development based company focused on in-licensing drugs with clinical history redosing or reformulating for new or expanded indications. iCo has exclusive worldwide rights to three products. iCo-007, a second generation antisense candidate licensed from Isis Pharmaceuticals, is currently in a Phase I trial in Diabetic Macular Edema patients with compelling early data. iCo-008 is a human monoclonal antibody targeting eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune. iCo-009 is a proprietary oral formulation of amphotericin B licensed from the University of British Columbia. To date, iCo has reported positive preclinical results for iCo-009. iCo Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”. For more information, visit the company website at:

No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on iCo Therapeutics’ current beliefs as well as assumptions made by and information currently available to iCo Therapeutics and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo Therapeutics in its public securities filings; actual events may differ materially from current expectations. iCo Therapeutics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.