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Press Release

iCo Therapeutics Elects Dr. Richard W. Barker and William Jarosz as Independent Directors

June 5, 2006

Vancouver, CANADA – iCo Therapeutics announced today the appointment of Dr. Richard W. Barker and William Jarosz to its board of directors.

Dr. Barker is currently Director General of the Association of the British Pharmaceutical Industry (ABPI). His twenty years of experience includes a number of senior leadership roles in the UK and abroad and spans the pharmaceutical, biotechnology and medical informatics sectors.

William Jarosz is currently a Partner in the global investment management firm Cartesian Capital Group, LLC. He has broad expertise in international private equity investments, cross-border acquisitions, capital markets, and corporate and securities laws.

“We are thrilled to have both Dr. Barker and Mr. Jarosz join the iCoTherapeutics team,” said company President and CEO Andrew Rae. “Their membership on our board adds strategic expertise in numerous capacities including both the clinical and business aspects of drug development.”

Prior to joining the ABPI, Dr. Barker was founder and president of New Medicine Partners, a consulting firm to pharmaceutical and biotech enterprises. His past roles include CEO of iKnowMed, a clinical decision support and pharmaceutical services business in oncology; Chief Executive of Chiron Diagnostics, General Manager of IBM’s Worldwide Healthcare Solutions division, and leader of McKinsey’s European healthcare practice.

“iCoTherapeutics’ strategic approach to drug development and commercialization is novel and sound,” said Dr. Barker. “I look forward to working with the entire iCo team to provide a global perspective towards helping bring promising new opportunities to the treatment of eye diseases.”

Dr. Barker is currently a board member of the European Federation of Pharmaceutical Manufacturers and Associations (EFPIA) and council member of the international equivalent body (IFPMA). He serves on the board of Adlyfe, a company specializing in protein misfolding diseases. Dr. Barker holds a D. Phil in biophysics and a BA in chemistry both from Oxford University. His research is in biological magnetic resonance at Oxford, Leeds and Munich.

Prior to helping found Cartesian Capital Group, LLC, Mr. Jarosz served as Managing Director and General Counsel of AIG Capital Partners, a subsidiary of American International Group, Inc., and as Managing Director of the AIG-Brunswick Millennium Fund. While at AIG Capital Partners, Mr. Jarosz was responsible for various private equity transactions for the firm’s global private equity funds.

Mr.Jarosz practiced law at Debevoise & Plimpton, specializing in international private equity investment and general corporate and securities transactions. He also served as a consultant to the World Bank on the regulation of Foreign Direct Investment in emerging markets. Mr. Jarosz is a graduate of the University of Montana, and received an MA in Law and Diplomacy from the Fletcher School at Tufts University and a JD from Harvard Law School.

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:

Business Development Contact:
Dr. John Clement, CTO

Finance/Investor Contact:
Mr. John Meekison, CFO