iCo Therapeutics Inc. and Beanstalk Capital Ltd. Announce Completion of Arrangement



    VANCOUVER, Dec. 31 /CNW/ - iCo Therapeutics Inc. ("iCo") and Beanstalk
Capital Ltd. ("Beanstalk") are pleased to announce the completion of an
arrangement (the "Arrangement") involving iCo, Beanstalk and 448073 Canada
Inc. ("Beanstalk Subsidiary"). The Arrangement was approved by securityholders
of iCo on November 23, 2007 and by the Supreme Court of British Columbia on
December 21, 2007.
    The Arrangement constitutes Beanstalk's "Qualifying Transaction" as a
TSX-V capital pool company. Under the Arrangement, iCo has amalgamated with
Beanstalk Subsidiary and all of the issued and outstanding securities of iCo,
including options and warrants, have been taken up by Beanstalk and paid for
by the issuance of equivalent Beanstalk securities on a one-for-one basis. The
amalgamated company, which will be known as iCology Corporation, will be a
wholly-owned subsidiary of Beanstalk. The common shares of Beanstalk, which
will be renamed iCo Therapeutics Inc., are expected to commence trading on the
TSX-V under the stock symbol "ICO" on January 7, 2007.

    About iCo

    iCo is an emerging biotechnology company focused on the identification,
development and commercialization of drug candidates that treat sight and life
threatening diseases through a development-only business model. iCo's strategy
is to in-license drug candidates that have clinical or pre-clinical history
and compelling evidence of scientific, clinical and commercial potential in
ocular and other disease indications.
    iCo has entered into license agreements for the exclusive world-wide
right to develop and, upon regulatory approval, market two product candidates
(iCo-007 and iCo-008) that iCo believes have the potential to treat sight
threatening and life threatening conditions. iCo has an option to enter into a
license agreement for the exclusive world-wide right to develop and, upon
regulatory approval, market a third product candidate (iCo-009) that iCo
believes has the potential to treat ocular and systemic fungal diseases.

    THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE OR A
    SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. THE
    COMPANY'S SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
    SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE
    UNITED STATES OR TO PERSONS IN THE UNITED STATES ABSENT REGISTRATION OR
    AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS.





For further information:

For further information: John Meekison, CFO, Telephone: (604) 602-9414,
meekison@icotherapeutics.com

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iCo Therapeutics Inc.

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