Investor Relations

Press Release

iCo Therapeutics Acquires Worldwide Rights to iCo-009 (Oral Amphotericin B)

May 7, 2008

For Immediate Release May 7, 2008

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce that the company has acquired the exclusive worldwide rights to iCo-009, an oral reformulation of Amphotericin B (“Amp B”) for the treatment of systemic fungal infections and Leishmaniasis.

AmpB is a generic drug that has been in use for approximately 50 years and is considered one of the most effective agents in the treatment of systemic fungal infections. Current use of Amp B is limited as it is currently administered intravenously and has significant infusion related side effects and kidney toxicity. The oral reformulation, iCo-009, was invented in the Wasan Lab at the University of British Columbia (UBC) by Drs. Kishor and Ellen Wasan.

“iCo’s innovative partnership with UBC illustrates the forward thinking and leading edge nature of both our organizations,” stated Andrew Rae, iCo’s President & CEO. “iCo views the enormous market and compassionate use potential of a novel, oral Amphotericin drug as a win-win scenario for shareholders and our global community alike.”

About Fungal Infections & Leishmaniasis
It has been estimated that fungal infections may account for up to 30% of deaths in immunocompromised individuals, particularly those patients with cancer, AIDS, diabetes, and organ transplant recipients. In the developing world, AmpB is also an effective weapon against Leishmaniasis, a parasite contracted by approximately 2 million people a year, with 12 million presently infected worldwide. If left untreated, Visceral Leishmaniasis can have a fatality rate as high as 100% within two years (World Health Organization).

About iCo Therapeutics Inc.

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 I for the treatment of Diabetic Macular Edema, iCo-008, a product with Phase II clinical history to be developed for severe ocular allergies, and iCo-009, a oral reformulation of Amphotericin B for sight and life – threatening diseases. iCo-009 also represents a new drug delivery technology with the potential to reprofile other parenteral administered drugs to the oral route of administration.

iCo Therapeutics trades on the TSX-Venture exchange under the symbol “ICO”.

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.

Business Development Contact:
Dr. John Clement, CTO
604.602.9414 × 222

Finance Contact:
Mr. John Meekison, CFO
604.602.9414 × 224

Investor Contact:
Frederica Bell, Director, Corporate Development
604.602.9414 × 228