iCo Therapeutics Publishes Review of Diabetic Retinopathy Treatment

iCo Therapeutics Publishes Review of Diabetic Retinopathy Treatment

For Immediate Release July 2, 2009

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) today announced that iCo-007, iCo’s lead Diabetes Macular Edema candidate, has been featured in an article in the Journal of Diabetes Science and Technology, a peer-reviewed scientific e-journal.

The article investigates the potential role of antisense drugs in the treatment of Diabetic Retinopathy (DR), a form of Diabetes-related blindness. DR affects over 5 million people in the United States alone. iCo-007 is under investigation in a Phase I clinical trial in patients with a subset of DR called Diabetic Macular Edema (DME).

iCo-007 is a second-generation antisense drug discovered by Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) and licensed to iCo. Potential benefits of second-generation antisense drugs, like iCo-007, are expected to include an extended half-life, resulting in less frequent intravitreal drug administration, and a good safety profile. iCo-007 targets multiple growth factors in addition to VEGF. Multiple growth factors seem to play a critical role in the process of ocular angiogenesis and leakage.

iCo’s Chief Medical Officer, Chief Business Officer and Clinical Project Manager all participated as authors of the paper, titled “Antisense Oligonucleotide Therapy in Diabetic Retinopathy”. The article was published online on July 1st, 2009 and is available on the Journal of Diabetes Science and Technology’s website at http://www.journalofdst.org/.

P. Hnik, MD (1), D.S.Boyer, MD (2), L.R. Grillone, PhD (3), J.G. Clement, PhD (1),
S.P. Henry, PhD (4), E.A.Green, BSB/M.(1)

Author Affiliations
1: iCo Therapeutics Inc., Vancouver, British Columbia, Canada
2: Retina-Vitreous Associates Medical Group, Beverly Hills, California, USA
3: PharmaQuest Associates, LLC, Carlsbad, California, USA
4: Isis Pharmaceuticals, Inc., Carlsbad, California, USA

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.