iCo Therapeutics Positive Oral Amphotericin B Data Published in the Journal of Infectious Diseases

For Immediate Release June 25, 2009

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce that iCo’s oral Amphotericin B (AmpB) oral formulation “iCo-009” has been published in a leading journal, The Journal of Infectious Diseases. The article represents the first ever publication of an oral AmpB eradicating the parasite responsible for Visceral Leishmaniasis (VL), which affects 12 million people worldwide. Administration of the highest dose of iCo-009 resulted in 99.8% inhibition of the parasite.

AmpB has for many years been the gold standard for systemic antifungal drugs. AmpB formulated for IV use remains one of the most effective agents in the treatment of systemic fungal infections, yet no oral formulations are currently commercially available. Over the past 50 years, many attempts have been made to formulate AmpB for oral administration, with limited success. The article indicates that with iCo-009, a self-administered, oral formulation of AmpB is attainable.

“This is the first peer-reviewed paper to be published demonstrating eradication of VL with an oral AmpB formulation”, stated Andrew Rae, iCo’s President & CEO. “We are excited to be on the forefront of global health by potentially increasing the quality of life in developing nations. In addition, iCo-009 may benefit immune compromised patients with cancer, organ transplant recipients, diabetics and HIV/AIDS in developed nations.”

The paper was published in the “Journal of Infectious Diseases” and is titled “Highly Effective Oral Amphotericin B Formulation against Murine Visceral Leishmaniasis”. The paper was published online on June 22, 2009 and is available through the Journal of Infectious Diseases website at http://www.journals.uchicago.edu/toc/jid/0/0

Kishor M. Wasan,1 Ellen K. Wasan,1,3 Pavel Gershkovich,1 Xiaohua Zhu,4 Richard R. Tidwell,5 Karl A. Werbovetz,4 John G. Clement,2 and Sheila J. Thornton1

1: Faculty of Pharmaceutical Sciences, University of British Columbia
2: iCo Therapeutics, Vancouver, BC
3: School of Health Sciences, British Columbia Institute of Technology, Burnaby, BC
4: Division of Medicinal Chemistry and Pharmacognosy, College of Pharmacy, The Ohio State University, Columbus
5: Department of Pathology and Lab Medicine, Consortium for Parasitic Drug Development, University of North Carolina at Chapel Hill, Chapel Hill

About Leishmaniasis
Leishmaniasis is a parasite contracted by approximately 2 million people each year, with 12 million presently infected worldwide, predominantly in the developing world. If left untreated, Visceral Leishmaniasis can have a fatality rate of 100% within two years (World Health Organization).

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: https://icotherapeutics.com

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.