Press Release

iCo Therapeutics Appoints Chief Medical Officer

August 17, 2006

VANCOUVER, Canada – iCo Therapeutics Inc. announced today the appointment of Dr. Peter Hnik as Chief Medical Officer. Dr. Hnik is an ophthalmologist with a focus in glaucoma, neuro-ophthalmology, and deep industrial experience in retinal diseases such as age related macular degeneration and diabetic retinopathy.

“Dr. Hnik’s clinical background represents an enormous asset to our management team and its maturation,” said Andrew Rae, iCo Therapeutics’ President and Chief Executive Officer. “His expertise in not only ophthalmology but also in other medical fields strengthens our position as we continue to build our pipeline and develop clinical stage drugs for a range of new conditions affecting isolated biological environments.”

Prior to joining iCo Therapeutics, Dr. Hnik served as Associate Director of Clinical Research with QLT Inc., playing a critical role in designing and directing Visudyne clinical trials in AMD and diabetic retinopathy. Dr. Hnik was also heavily involved in the publication, in-licensing and pharmacovigilance activities for Visudyne.

“iCo Therapeutics is a company with an innovative business model, a talented management team and experienced, active advisory boards. With these fundamental building blocks in place, I am very enthusiastic about the prospects for the Company and my role in the company’s evolution”, said Dr. Hnik.

Dr. Hnik received his medical degree from the Medical Faculty of Charles University of Prague in 1981. After practicing for years at the Eye Clinic of the Charles University Hospital where he performed surgery and consultation in glaucoma and neuro-ophthalmology, Dr. Hnik later joined the Eye Clinic of the University of British Columbia as part of the glaucoma research group. He received his Master of Health Sciences degree from the University of British Columbia in 1999. He is a member of the Association for Research in Vision and Ophthalmology (ARVO), the American Academy of Ophthalmology (AAO), the European Society of Retina Specialists (EURETINA) and the Drug Information Association (DIA).

About iCo Therapeutics, Inc.

iCo Therapeutics Inc. is an emerging, Vancouver-based biotechnology company focused on developing pre-existing drugs for a range of new conditions affecting isolated biological environments – areas such as the eye, spinal cord, or joints – where locally-administered application of these therapies would have minimal systemic distribution and fewer safety issues.

For more information, visit the company website at: https://icotherapeutics.com.

Business Development Contact:
Dr. John Clement, CTO
604.602.9414

Finance/Investor Contact:
Mr. John Meekison, CFO
604.602.9414