iCo Therapeutics Grants Options to Directors, Officers and Employees

VANCOUVER, Jan. 22, 2013 /CNW/ - iCo Therapeutics Inc. ("iCo" or "the Company") (TSX-V: ICO), today announced that on January 22, 2013 the Company granted a total of 1,100,000 stock options to directors, officers and employees of the Company.  The stock options are exercisable into common shares of the Company at an exercise price of $0.73 for a period of five years and are subject to vesting requirements.  The Company's common shares closed at $0.73 on the TSX Venture Exchange on January 22, 2013.

Under the Company's Stock Option Plan, the Company has a total of 4,000,000 common shares reserved for the issuance of stock options, representing approximately 7.4% of the Company's 54,077,627 common shares outstanding.  Including the January 22, 2013 option grant, the Company will have 3,025,000 options issued and outstanding, representing approximately 5.6% of the Company's common shares outstanding.

About iCo Therapeutics
iCo Therapeutics in-licenses and redefines existing drug candidates or generics by employing reformulation and delivery technologies for new or expanded use indications. The company has exclusive worldwide rights to two drug candidates - iCo-007 for Diabetic Macular Edema (DME) and iCo-008 for other sight-threatening diseases. iCo-007 is in Phase 2 clinical studies for DME. With Phase 2 clinical history, iCo-008 is targeted for the treatment of keratoconjunctivitis and wet age-related macular degeneration. In addition, iCo holds worldwide rights to an oral drug delivery platform. The first platform candidate is the Oral Amp B Delivery system, utilizing a known anti-fungal drug to treat life-threatening infectious diseases.  iCo trades on the TSX Venture Exchange under the symbol "ICO".  For more information, visit the Company website at: www.icotherapeutics.com.

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's current beliefs as well as assumptions made by and information currently available to iCo 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 in its public securities filings; actual events may differ materially from current expectations. iCo 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.

For further information:

Mr. John Meekison, CFO
iCo Therapeutics
604-602-9414 x 224
[e-mail]

Michael Moore, Investor Relations
TMX Equicom
619-467-7067
[e-mail]