Investor Relations

Press Release

iCo Therapeutics Announces CMO Invited to Present at International Ocular Conference

February 27, 2008

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) announced today that Dr. Peter Hnik, iCo’s Chief Medical Officer, has been invited to give a presentation discussing iCo-007 at the 7th International Symposium on Ocular Pharmacology and Therapeutics (ISOPT) in Budapest, Hungary ( Dr. Hnik’s presentation, entitled, “iCo-007, a VEGF “+” Agent, for the Potential Treatment of Diabetic Macular Edema and Diabetic Retinopathy”, will take place on March 2nd, 2008.

Designed and discovered by ISIS Pharmaceuticals, iCo-007 is a second-generation antisense inhibitor targeting c-Raf kinase mRNA for the treatment of Diabetic Macular Edema (DME) and Diabetic Retinopathy. iCo licensed the worldwide exclusive rights to all therapeutic applications of iCo-007 from ISIS in 2005.

“The invitation to such an influential conference is not only a validation of iCo-007 and its clinical progress, but shows the value of a key opinion leader group and CMO with expertise in ophthalmology”, said Andrew Rae, iCo’s President & CEO.

About iCo-007
iCo-007 is expected to decrease swelling in the retina and related visual impairment by decreasing the signaling of multiple growth factors, including VEGF, IGF, bFGF, EPO and HGF that signal through the c-Raf kinase / MAP kinase pathway. iCo-007 is currently in a open label, dose escalating Phase I clinical trial in DME patients. The primary endpoint of the trial is safety, with visual acuity and measures of retinal thickness serving as secondary endpoints.

iCo-007 may also be a potential treatment for certain oncology indications, as c-Raf kinase is the predominant Raf isoform responsible for regulating cellular growth in ovarian cancer.

About Diabetic Macular Edema
There are currently no approved therapeutics for DME, the leading cause of blindness in working age adults. DME currently affects about 1.6 million people in the U.S. alone, a number that is expected to grow as Diabetes is forecast to increase by almost 50% in the US by 2025.

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