iCo Therapeutics Oral Amphotericin B Delivery System to be Presented at AAPS

For Immediate Release October 24, 2011

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce that the company’s oral Amphotericin B delivery system will be the subject of three poster presentations at the 2011 AAPS Annual Meeting and Exposition, being held October 23 – 27, 2011 at the Washington Convention Center in Washington, DC USA.

The oral Amphotericin B delivery system has also been highlighted in an AAPS press release titled, “A Novel Oral Treatment for Leishmaniasis Has Potential to Save Thousands of Lives”.

Poster # M1022: “Development of a Novel Tropically Stable Oral Formulation of Amphotericin B for the Treatment of Visceral Leishmaniasis”.

Poster # T3082: “Tropically stable oral formulation of Amphotericin B (iCo-010): Biodistribution and toxicity in a mouse model”.

Poster # T3053: “Biodistribution of Amphotericin B in mice following multiple dose administration of a novel oral lipid-based formulation (iCo-009) versus water-based suspension of Amphotericin B”.

About iCo’s Oral Amphotericin B Delivery System

Amphotericin B (AmpB), the gold standard for systemic antifungal drugs, is a highly efficacious drug that has a 50+ year history of intravenous therapy; yet no oral formulations are currently commercially available.

Preclinical research indicates that iCo’s oral Amphotericin B formulations are highly efficacious and exhibit no toxicity within the dosage range required for the treatment of systemic fungal infections and visceral leishmaniasis (VL). iCo’s oral Amphotericin B was the subject of the first ever publication of an oral Amphotericin B eradicating the parasite responsible for VL (The Journal of Infectious Diseases Aug 2009 Volume 200(3): 357–360). Administration of the highest dose resulted in 99.8% inhibition of the parasite.

About Visceral Leishmaniasis (VL)

VL is a parasitic disease affecting 12 million people worldwide, with 500,000 new infections every year. VL is the second largest parasitic killer after malaria and if left untreated, it can have a fatality rate of 100% within two years (World Health Organization).

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.