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Beanstalk Capital Ltd. enters into arrangement agreement with iCo Therapeutics Inc.
Date:10/16/2007

ics by avoiding the uncertainty associated with research and pre-clinical stages of drug development.

Product Candidates

iCo has in-licensed two product candidates that it believes have the potential to treat sight-threatening conditions: iCo-007 and iCo-008.

iCo is developing iCo-007 as a potential treatment for diabetic retinopathy, including macular edema. Diabetic retinopathy is characterized by new blood vessel growth and increased vascular permeability. iCo-007 is a second generation antisense compound that iCo believes reduces levels of a key protein associated with diabetic retinopathy and diabetic macular edema. In January 2007, iCo received clearance from the U.S. Food and Drug Administration to initiate a Phase I dose-escalating clinical trial in the United States using a single injection of iCo-007 in patients with diffuse diabetic macular edema. iCo expects to begin Phase I trials for iCo-007 in October 2007.

iCo-008 is a human monoclonal antibody that iCo believes has the potential to inhibit the development of severe allergic conjunctivitis. Before iCo licensed iCo-008 from Cambridge Antibody Technology Limited ("CAT"), CAT conducted a Phase I clinical trial of iCo-008 in healthy human volunteers and Phase II clinical trials of iCo-008 for allergic rhinitis and allergic conjunctivitis. iCo currently plans to begin Phase II trials to test the efficacy and safety of iCo-008 as a potential treatment for a serious sight threatening form of allergic conjunctivitis known as vernal keratoconjunctivitis in the first half of 2008.

Board and Management of Resulting Issuer

It is anticipated that upon completion of the Arrangement Agreement, the current directors and officers of Beanstalk will resign and Beanstalk will be managed by the current management of iCo. The following is a biography of the individuals who will be expected to be the directors and officers of Beanstalk after the closing of the Arrangement Agreement.

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SOURCE Beanstalk Capital Ltd.
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