iCo Therapeutics Grants Options to Directors, Officers and Employees

For Immediate Release September 27, 2011

VANCOUVER, CANADA, September 27, 2011 – iCo Therapeutics Inc. (TSX-V “ICO”) today announced that on September 27, 2011 the Company granted a total of 1,050,000 stock options to directors, officers and employees of the Company. The stock options are exercisable into common shares of the Company at an exercise price of $0.29 for a period of five years and are subject to vesting requirements. The Company’s common shares closed at $0.285 on the TSX Venture Exchange on September 27, 2011.

Under the Company’s Stock Option Plan, the Company has a total of 3,200,000 common shares reserved for the issuance of stock options, representing approximately 7.8% of the Company’s 41,057,301 common shares outstanding. Including the September 27, 2011 option grant, the Company currently has 2,311,429 options issued and outstanding, representing approximately 5.6% of the Company’s common shares 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, in Phase 2 for the treatment of Diabetic Macular Edema (DME), iCo-008 (Bertilimumab), a product with Phase 2 clinical history to be developed for sight threatening diseases; and an oral Amphotericin B delivery system for life-threatening infectious diseases. Immune Pharmaceuticals licensed systemic rights to iCo-008 in June 2011. 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.