iCo Therapeutics Inc. Recognized by BIOTECanada with Gold Leaf Award

VANCOUVER, Canada— iCo Therapeutics Inc. (TSXV: ICO) is pleased to announce that the Company will be awarded the Early Stage Company of the Year: Health 2010 Gold Leaf Award by BIOTECanada, the national voice of biotechnology in Canada. The Gold Leaf Awards were created in 2001 to recognize successful companies and individuals in the Canadian biotechnology industry. The award will be presented to iCo Therapeutics on May 4, 2010 at the BIO 2010 International Convention in Chicago, Illinois.

Throughout 2009, iCo Therapeutics achieved a number of milestones important to an early stage company. The Company’s candidate for the treatment of Diabetic Macular Edema, iCo-007, was presented at several important ocular conferences and is now reaching a Phase 1 conclusion. iCo also published results from a pre-clinical study of iCo-009, the oral-formulation of Amphotericin B in the Journal of Infectious Disease. Later in the year, iCo entered into a collaboration to continue study of the proprietary oral drug delivery technology, further validating the Company’s research. The Company also raised $4 million in November 2009, primarily from US institutional investors, notable in light of a difficult capital markets environment for Canadian biotechnology companies.

“The past year was a pivotal year for iCo and we are very excited to receive this award,” said Andrew Rae, Chief Executive Officer of iCo Therapeutics. “We are grateful that BIOTECanada and our Canadian biotechnology community chose to recognize the work that we do. As our pipeline continues to develop, we expect to advance our lead, iCo-007, into additional clinical trials and iCo-009 into further early staged studies.”

About BIOTECanada
BIOTECanada is dedicated to the sustainable commercial development of biotechnology innovation in Canada. It is the national industry-funded association with over 250 member companies representing the broad spectrum of biotech constituents including emerging and established firms in the health, industrial, and agricultural sectors, as well as academic and research institutions and other related organizations.

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, in Phase I for the treatment of DME, iCo-008; a product with Phase II clinical history to be developed for severe ocular allergies and age related macular degeneration; and iCo-009, an oral formulation of Amphotericin B for sight and life – threatening diseases. iCo-009 also represents a new drug delivery technology with the potential to reprofile other parenteral administered drugs to the oral route of administration. iCo Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”. For more information, visit the company website at: https://icotherapeutics.com

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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.