February 20, 2009
VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) advises that pursuant to the Company’s 2007 stock option plan, and subject to regulatory approval, the Board of Directors has granted stock options to select Directors of the Company who have not received previous option grants.
Options were granted to purchase 100,000 common shares in the capital stock of the Company exercisable for a period of 5 years at a price of $0.18 per share. The share options vest one-third immediately upon the date of grant, one-third will vest 6 months from the date of grant and the final one-third of the options will vest 12 months from the date of grant. Following regulatory approval, the Company will have 820,905 remaining options available for grant under the 2007 stock option plan.
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 is a second generation antisense candidate licensed from Isis Pharmaceuticals. iCo-007 is currently in a Phase I trial in Diabetic Macular Edema patients with compelling early data. iCo-008 is a human monoclonal antibody against eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune. iCo-009 is an oral reformulation of a generic anti-fungal and anti-parasitic intravenous drug licensed from the University of British Columbia. To date, iCo has reported positive preclinical results for iCo-009. 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, CBO
604.602.9414 × 222
Mr. John Meekison, CFO
604.602.9414 × 224
Frederica Bell, Director, Corporate Development
604.602.9414 × 228