iCo Therapeutics Announces Exercise of Warrants

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO)

iCo Therapeutics (the “Company”) announced today that 3,229,375 common share purchase warrants (“Warrants”) have been exercised by Warrant holders for proceeds totaling $968,813. This represents 99.9% of 3,231,250 Warrants outstanding and includes 1,075,000 Warrants held by Isis Pharmaceuticals, Inc.

The Warrants were issued in connection with a private placement of Units which closed in two tranches on January 30th, 2009 and February 9th, 2009 respectively. The Warrants were exercisable at $0.30 for a term of twelve months from the closings of the private placement. All Warrants not exercised have expired.

With the exercise of the Warrants, the Company now has 40,987,301 common shares issued and outstanding.

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 Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”. For more information, visit the company website at: icotherapeutics.cdmail.biz

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.