iCo Therapeutics Closes Non-Brokered Private Placement

    VANCOUVER, July 16 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) ("iCo" or
the "Company") is pleased to announce that it has completed a non-brokered
private placement in the amount of $475,000 through the issuance of 1,187,500
common shares in the capital of the Company at a subscription price of $0.40
per share. The Company intends to use the net proceeds for working capital and
general corporate purposes.
    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 is
a second generation antisense candidate licensed from Isis Pharmaceuticals.
iCo-007 is currently in a Phase I trial in Diabetic Macular Edema patients
with compelling early data. iCo-008 is a human monoclonal antibody against
eotaxin-1 with Phase II clinical history, licensed from AstraZeneca/MedImmune.
iCo-009 is an oral reformulation of a generic anti-fungal and anti-parasitic
intravenous drug licensed from the University of British Columbia. To date,
iCo has reported positive preclinical results for iCo-009. iCo trades on the
TSX Venture exchange under the symbol "ICO". For more information, visit the
company website at: www.icotherapeutics.comNo 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.

    %SEDAR: 00024061E

For further information: Business Development: Dr. John Clement, CBO,
[phone]; Finance Contact: Mr. John Meekison, CFO, [phone] x 224;
Investor, Media Contact: Frederica Bell, Corp. Devt., [phone] x 228;
B&D Capital, Don Mosher, [phone]