iCo Therapeutics Announces Resignation of John Clement, Chief Technology and Development Officer and Director

For Immediate Release July 22, 2011

VANCOUVER, Canada – iCo Therapeutics Inc. (TSX-V: ICO) today announced that John Clement, a co-founder of iCo Therapeutics Inc., has resigned from his positions as Chief Technology & Development Officer and Director in order to pursue other personal and un-related business interests. Dr. Clement will remain with the company for a period of time to facilitate the transitioning of his responsibilities.

“Since the founding of iCo back in February, 2005, John has been an integral part of our growth and development,” stated co-founder, President and CEO, Andrew Rae. “We wish John all the best in his future endeavours and wish to thank him for his dedication and service and an ongoing productive relationship with the iCo team.”

“I am proud to have played a role in the creation and growth of iCo Therapeutics. I believe we have created a model and established a foundation for a very successful company. It has been a pleasure and an honour to have worked with such a dedicated and talented group of people. I wish the team continued successes”, stated Dr. Clement.

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 (a 2nd generation antisense inhibitor of c-raf (Raf-1) kinase), moving into Phase 2 for the treatment of DME; iCo-008 (Bertilimumab), a product with Phase 2 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. Immune Pharmaceuticals licensed systemic rights to iCo-008 in June 2011. 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 was awarded a Gold Leaf Award as the Early Stage Company of the Year from BIOTECanada in 2010 and is a Canada’s Top 10™ Competition winner. iCo 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.