iCo Therapeutics Appoints Infectious Disease MD to Scientific Advisory Board

    VANCOUVER, July 21 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) is pleased
to announce the appointment of Donald N. Buell, M.D., to Chair the Scientific
Advisory Board (SAB) committee overseeing the development of iCo-009, iCo's
oral Amphotericin B program for life-threatening fungal and parasitic
diseases. Dr. Buell was most recently the Senior Medical Director at Astellas
Pharma Inc, and has held positions in the Anti-infective Drugs Group at
Pfizer, the Division of Oncology and Radiopharmaceutical Drug Products in the
Center for Drugs and Biologics at the US Food and Drug Administration (FDA).
    Dr. Buell, with over 80 publications to his name, obtained his M.D. from
Stanford University School of Medicine, Stanford, CA.

    Dr. Buell's career highlights

    Dr. Buell has been involved at the medical director level in the filing
of 10 primary or supplemental New Drug Applications (NDA's), 8 of which have
been approved, with 2 approvable but not pursued. The most recent (January
2008) are the approvals of Mycamine(R) (micafungin) for treatment of
candidemia, disseminated candidiasis, peritonitis and abcesses. Earlier
approvals were for esophageal candidiasis and prophylaxis of Candida
infections in patients undergoing hematopoietic stem cell transplant. Other
drugs approved after programs under his direction were fluconazole
(Diflucan(R)), tacrolimus (Prograf(R)) and liposomal Amphotericin B
    "We are very pleased to have such a high caliber drug developer join
iCo's SAB," stated Andrew Rae, iCo's President & CEO. "Dr. Buell's enviable
track record, and his work on some of the leading anti-fungal agents such as
Diflucan(R) and Ambisome(R), gives us enormous confidence in his ability to
successfully shepherd projects through the NDA process. We are looking forward
to working with him and benefiting from his input and connectivity in the
anti-fungal space as we advance iCo-009 into a clinical program."

    About iCo-009

    Amphotericin B is a highly potent agent with anti-fungal and
anti-parasitic activity. Currently, only intravenous formulations are approved
for treatment use. iCo-009 is an oral formulation of Amphotericin B. In animal
models, oral administration of iCo-009 has been shown to result in blood
levels that are comparable to a known IV Amphotericin B product currently on
the market. In Aspergillus fumigatus and Candida albicans rat models, iCo-009
has shown significant antifungal activity with no observable kidney toxicity
as assessed by plasma creatinine concentrations. Also recently published was
significant iCo-009 activity in an animal model of Visceral Leishmaniasis.
iCo-009 was developed by Drs. Kishor & Ellen Wasan at the University of
British Columbia.

    Option Grant

    iCo's Board of Directors have granted Dr. Buell stock options to purchase
25,000 common shares in the capital stock of the Company exercisable for a
period of five years at a price of $0.40 per share. The share options vest
one-third immediately upon the date of grant, one-third will vest 6 months
from the date of grant and the final one-third of the options will vest 12
months from the date of grant. Following regulatory approval, the Company will
have 1,218,928 remaining options available for grant under the 2009 stock
option plan.

    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 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, CBO,
(604) 602-9414 x 222; Finance: Mr. John Meekison, CFO, (604) 602-9414 x 224;
B&D Capital, Don Mosher, (604) 685-6465

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