iCo Therapeutics Completes First Tranche of Brokered Private Placement

VANCOUVER, Canada- iCo Therapeutics Inc. (TSX-V: ICO) (the “Company”) is pleased to announce that further to its press release issued October 20, 2009 announcing a $4,000,000 brokered private placement (the “Offering”) co-led by Loewen, Ondaatje, McCutcheon Limited and Versant Partners Inc. (collectively, the “Agents”), the Company has completed the first tranche of the Offering through the issuance of 6,000,000 common shares of Company (the “Shares”). The Shares were issued at a price of $0.48 per share for gross proceeds of $2,880,000.

As consideration for acting as agents, the Company paid the Agents a cash commission of 8% of the gross proceeds of the first tranche of the Offering and granted the agents 240,000 compensation options (“Compensation Options”). Each Compensation Option is exercisable for one common share at an exercise price of $0.60 for a period of 12 months.

The private placement is subject to final TSX Venture Exchange approval for filing. All securities issued pursuant to the first tranche of the private placement will be subject to a four-month hold period expiring on March 1, 2010. The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any United States state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About iCo Therapeutics
iCo Therapeutics Inc. is a Vancouver-based reprofiling company focused on redosing or reformulating drugs with clinical history for new or expanded indications. iCo has exclusive worldwide rights to three products. iCo-007 is a second generation antisense candidate licensed from Isis Pharmaceuticals. iCo-007 is currently in a Phase I trial in Diabetic Macular Edema patients with compelling early data. iCo-008 is a human monoclonal antibody against eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune. iCo-009 is an oral reformulation of a generic anti-fungal and anti-parasitic intravenous drug licensed from the University of British Columbia. To date, iCo has reported positive preclinical results for iCo-009. iCo 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.