iCo Therapeutics Closes First Tranche of Non-Brokered Private Placement



    VANCOUVER, Jan. 30 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) is pleased
to announce that it has completed the first tranche of a non-brokered private
placement in the amount of $582,750 through the issuance of 2,913,750 Units at
a subscription price of $0.20 per Unit. Each Unit will consist of one common
share in the capital of the Company (a "Common Share") and one-half of a
Common Share purchase warrant (a "Warrant"). 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 Company intends to use the net proceeds of the first and second
tranches of the offering to continue funding the development of iCo-007 and
working capital, providing sufficient cash through 2009 and completion of our
iCo-007 Phase 1 clinical trial.
    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. The Company expects to close a second tranche of the
private placement shortly for the balance of the gross proceeds.

    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: 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
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:

For further information: Business Development: Dr. John Clement, CT&DO,
(778) 688-0644; Finance Contact: Mr. John Meekison, CFO, (604) 602-9414 x 224;
Investor, Media Contact: Frederica Bell, Corp. Devt., (604) 602-9414 x 228;
B&D Capital, Joanne Calverley, (604) 685-6465

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iCo Therapeutics Inc.

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