iCo Therapeutics Appoints Douglas Janzen to Board of Directors

March 5, 2012 – Vancouver, Canada – iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce today the appointment of Douglas G. Janzen to iCo’s Board of Directors.

Mr. Janzen currently serves as President, Chief Executive Officer and a Director of Cardiome Pharma Corp. (NASDAQ:CRME, TSX:COM). Mr. Janzen joined Cardiome in 2003 as Chief Financial Officer, and served as President and Chief Business Officer from March 2006 to August 2009, at which time he assumed the role of CEO. He has been instrumental in developing and implementing Cardiome’s operational strategy, in the advancement of Cardiome’s corporate development and the strengthening of its financial position, including obtaining a NASDAQ listing. Mr. Janzen also currently serves as a director of NEOVASC INC. and as a director of various industry trade associations, including Chairman of the board of directors of Life Sciences British Columbia. Prior to joining Cardiome, Mr. Janzen served as Managing Director, Health Sciences and Partner at Sprott Securities, Inc., a Toronto-based investment bank and was instrumental in raising over $1Billion for Canadian healthcare companies during his career.

“I am pleased to be joining iCo’s board at this exciting juncture in their development,” stated Doug Janzen. “iCo-007 is nearing an exciting inflection point and is only one piece of the Company’s compelling portfolio of assets. I look forward to working with the iCo team to maximize the value of the entire pipeline.”

“On behalf of iCo we are very excited to have Doug join our board of directors,” commented Andrew Rae, iCo’s President, & CEO. “Doug’s strong experience in strategic partnering, pharmaceutical operations coupled with his deep capital markets expertise will add significant value as we continue our growth and advance multiple clinical programs.”

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.