iCo Therapeutics’ Oral Amphotericin B Delivery System to be Presented at AAPS with Updated Patent Position

October 12, 2012, Vancouver, Canada—iCo Therapeutics Inc. (“iCo” or “the Company”) (TSX-V: ICO), today announced that its oral Amphotericin B (Amp B) delivery system will be the subject of five poster presentations at the 2012 AAPS Annual Meeting and Exposition, being held October 14 – 18, 2012 at McCormick Place, Chicago Illinois. The Amp B program also received a new patent in Singapore, providing additional patent protection.

“The Amp B program has been primarily financed with roughly two million dollars in grant money committed to date and is a great source of pride at iCo,” said Andrew Rae, President and CEO of iCo Therapeutics. “Our growing IP position strengthens our belief in the asset and we’re very excited to see it get highlighted through five posters at AAPS.”

iCo Therapeutics is testing a novel oral delivery method for Amp B, an anti-fungal medication, recognized as the gold standard for the treatment of systemic fungal infection. This formulation was developed in the laboratory of Dr. Kishor M. Wasan, Professor and Associate Dean of Research in the Faculty of Pharmaceutical Sciences at the University of British Columbia. Until now, the drug has only been available through intravenous administration and has faced challenges due to toxicity.

· Poster # M1278: “Pharmacokinetics of a Novel Lipid Based and Tropically Stable Formulation of Amphotericin B following Oral Administration to Rats”

· Poster # T2172: “Assessment of Novel Oral Lipid-based Formulations of Amphotericin B using an In Vitro Lipolysis Model”

· Poster # T2063: “Distribution of Amphotericin B (AmpB) from Novel Oral Lipid-based Formulations (iCo-009 and iCo-011) within Different Human Plasma Lipoprotein Fractions”

· Poster # T2109: “Efficacy and Toxicity of Novel Oral Lipid-based Formulation of Amphotericin B (iCo-010) in a Rat Model of Invasive Candidiasis”

· Poster # R6360: “Physiologically-based Modeling of Tissue Distribution of Amphotericin B following Administration of a Liposomal Formulation (AmBisome®)”

About iCo Therapeutics

iCo Therapeutics in-licenses and redefines existing drug candidates or generics by employing reformulation and delivery technologies for new or expanded use indications. The company has exclusive worldwide rights to two drug candidates – iCo-007 for Diabetic Macular Edema (DME) and iCo-008 for other sight-threatening diseases. iCo-007 is in Phase 2 clinical studies for DME. With Phase 2 clinical history, iCo-008 is targeted for the treatment of keratoconjunctivitis and wet age-related macular degeneration. In addition, iCo holds worldwide rights to an oral drug delivery platform. The first platform candidate is the Oral Amp B Delivery system, utilizing a known anti-fungal drug to treat life-threatening infectious diseases. 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’s current beliefs as well as assumptions made by and information currently available to iCo 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 in its public securities filings; actual events may differ materially from current expectations. iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.