iCo Therapeutics Announces $1,140,450 Financing

    VANCOUVER, June 2 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) announced
today that it intends to complete a non-brokered private placement to raise
gross proceeds of $1,140,450 through the issuance of 3,801,500 common shares
at a price of $0.30 per share. The Company intends to use the net proceeds of
the offering for general corporate purposes and working capital. A finder's
fee of 6% will be payable to certain arm's length third parties with respect
to a portion of the private placement.
    The private placement is expected to close on or about June 4, 2008 and
is subject to regulatory approval, including the approval of the TSX Venture

    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 reformulation 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:

    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.

For further information:

For further information: Business Development Contact: Dr. John Clement,
CT&DO, (778) 688-0644; Finance Contact: Mr. John Meekison, CFO, (604) 602-9414
x 224; Investor/Media Contact: Frederica Bell, Corporate Development, (604)
602-9414 x 228

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iCo Therapeutics Inc.

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