iCo Therapeutics Retains Crescendo Communications

January 17, 2012 – Vancouver, Canada – iCo Therapeutics Inc. (TSX-V: ICO) announced today that it has retained Crescendo Communications, LLC (“Crescendo”) to help broaden investor awareness with its proprietary network of small-cap investors.

“We are pleased and excited to start working with iCo Therapeutics, which is rapidly advancing new approaches to treating ophthalmic and other diseases,” commented David Waldman, President of Crescendo. “iCo has built a solid reputation for developing novel reformulations of the active ingredients in drugs that have a clear clinical benefit and an attractive safety profile. By expanding and creating new indications for established molecules, iCo is creating significant value from its pipeline that can assist new patients and bring therapies to market faster than traditional approaches. By focusing on sight-threatening diseases, the company effectively leverages its strong clinical expertise in ophthalmology in order to develop novel product candidates targeting unmet medical need in ocular disease such as diabetic macular edema (DME), the leading cause of blindness in working age adults.”

“iCo has built a robust pipeline, including the company’s three lead products: iCo-007, in Phase II for the treatment of DME; iCo-008 (Bertilimumab), a product with Phase II clinical history to be developed for sight-threatening diseases; and an oral Amphotericin B delivery system for life-threatening infectious diseases. iCo is uniquely positioned to capitalize on several very attractive and sizable end markets with an industry leading management team, board of directors, board of advisors and strategic partners. We look forward to working on a comprehensive investor relations program with their current investor relations team and enhancing outreach efforts, especially with non-sector specific investors looking for healthcare exposure.”

“The team at Crescendo has extensive experience and a successful track record of working with small-cap public companies throughout North America,” said Andrew Rae, President & CEO of iCo Therapeutics. “We are confident that Crescendo, along with Equicom Investor Relations, will help us proactively communicate our business model and upcoming milestones as we move into the next stage of our development.”

The agreement with Crescendo is for a one-year term that may be terminated by either party in writing with 30 days’ notice. In return for its services, the Company will pay a consulting fee to Crescendo of $6,000 per month plus approved expenses incurred on behalf of the Company.

About Crescendo Communications, LLC

Crescendo Communications, LLC, headquartered in New York City with offices in Beijing, Shanghai and Moscow, is an emerging leader within the investor relations industry. The firm was founded on a strategic and professional approach to investor relations that builds awareness of public companies through tailored outreach programs that target institutional investors, analysts, and the financial media. The firm’s approach is centered around properly educating investors and cultivating trust in order to uphold and protect the their clients’ long-term credibility and reputation on Wall Street and within the global capital markets.

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.