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iCo Therapeutics Closes $1.3 Million Private Placement

VANCOUVER, Feb. 9 /PRNewswire-FirstCall/ - iCo Therapeutics Inc. (TSX-V: ICO) is pleased to announce the completion of a $1,292,500 non-brokered private placement. This financing provides the company with sufficient capital to develop iCo-007 through to the completion of the Phase 1 clinical trial. iCo-007 is targeting the treatment of Diabetic Macular Edema. The balance of funds will provide the company with additional working capital. iCo's partner Isis Pharmaceuticals Inc., (NASDAQ: ISIS), participated as a lead investor in the financing, along with select insiders and existing shareholders.

"We are pleased to be able to invest in the advancement of iCo-007, a promising drug in our pipeline being developed with the ocular disease expertise of our partners at iCo," said B. Lynne Parshall, COO and CFO of Isis Pharmaceuticals. "This funding will help move iCo-007 to a key value inflection point by supporting completion of the ongoing study in patients with diffuse macular edema. iCo-007 is a product of our satellite company strategy to exploit antisense technology beyond our core areas of focus to provide new treatment options in a broad range of diseases. With the benefit of our strong financial position, strengthening our pipeline in a variety of ways is a key strategic imperative. This transaction represents one step toward achieving that goal."

The private placement represents 6,462,500 common shares and 3,231,250 million warrants. Each warrant will entitle the holder, on exercise, to purchase one additional Common Share at a price of $0.30 at any time prior to the date 12 months following the closing date. The closing of the first tranche of this placement, in the amount of $582,750, was announced on January 30th, 2009.

A finder's fee of 7% will be payable to certain arm's length third parties with respect to a portion of the private placement. All securities issued in the private placement are subject to a four month hold period. The private placement is subject to regulatory approval, including the approval of the TSX Venture Exchange.

About iCo Therapeutics

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, an oral formulation 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". For more information, visit the company website at:

    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.

SOURCE iCo Therapeutics Inc.
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