iCo Therapeutics Appoints Mr. Noel Hall and Dr. Christian Fibiger to Board

    VANCOUVER, July 8 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) is pleased
to announce the addition of Mr. Noel Hall and Dr. Christian Fibiger to iCo's
Board of Directors. Mr. Hall was most recently co-founder, President and
Director of Aspreva Pharmaceuticals Corporation, which was acquired by the
Galenica Group for $915M (USD) in January 2008. Dr. Fibiger was most recently
Vice President and Global Head of Neuroscience for Amgen Inc. and, during his
academic career, was one of the top 100 most cited scientists in neuroscience.
    Noel Hall is currently a consultant to the life sciences industry and has
approximately 25 years experience in the biotechnology industry, including as
president of Aspreva Pharmaceuticals Corporation, which was acquired by the
Galenica Group in January 2008. Prior to co-founding Aspreva in December 2001,
Mr. Hall co-founded the life sciences practice of consulting firm Hill and
Knowlton in 1995 and served as head of global strategic planning for the
firm's worldwide pharmaceutical consulting practice. From 1992 to 1995, Mr.
Hall was the director of corporate affairs for the United Kingdom and Northern
Europe for The Wellcome Foundation Ltd., which is now part of GlaxoSmithKline
PLC. From 1985 to 1990, Mr. Hall worked in market development with Abbott
Laboratories Ltd. and from 1983 to 1985 Mr. Hall was a regional sales manager
with Leo Laboratories Ltd. Mr. Hall holds a BSc in Medical Laboratory Science
from London University.
    Dr. Fibiger is currently a consultant to the life sciences industry. Dr.
Fibiger served as Vice President and Global Head of Neuroscience for Amgen
Inc. from October 2003 to July 2007. Prior to joining Amgen, Dr. Fibiger
served as Vice President of Neuroscience Discovery Research and Clinical
Investigation for Eli Lilly and Company. Before joining Eli Lilly in 1998, Dr.
Fibiger served as Professor and Head of the Division of Neurological Sciences
and Chair of the University Graduate Program in Neuroscience at UBC. Dr.
Fibiger has received numerous honours for his research contributions,
including the Clark Institute Prize in Psychiatry, the Heinz Lehmann Award of
the Canadian College of Neuropsychopharmacology, the Killam Research Prize,
the Gold Medal in Health Sciences from the Science Council of British Columbia
and the Tanenbaum Distinguished Scientist Award in Schizophrenia Research, and
is a Fellow of the American College of Neuropsychopharmacology. Dr. Fibiger
received his B.Sc. in Chemistry and Psychology from the University of Victoria
in 1966 and his Ph.D. in Psychopharmacology from Princeton University in 1970.
    "Chris and Noel are globally recognized figures in our biopharmaceutical
industry and represent significant additions to iCo's Board of Directors,"
said Andrew Rae, President & CEO of iCo Therapeutics. "Both gentlemen markedly
increase connectivity with potential biopharmaceutical partners and the
capital markets, as well as iCo's collective scientific and
clinical/regulatory acumen."

    Mr. Hall and Dr. Fibiger join the following Board members:
    -   Richard Barker, DPhil, BA - Director General of the Association of
        the British Pharmaceutical Industry
    -   William Jarosz, JD - Partner, Cartesian Capital Group, LLC, former
        Managing Director and General Counsel of AIG Capital Partners
    -   Andrew J. Rae, MBA - President and CEO of iCo Therapeutics
    -   John G. Clement, Ph.D. - Chief Technical & Development Officer of iCo

    The Board would like to thank Sidney Himmel for his service as Chairman
of the Board. Mr. Himmel is stepping down from the Board in order to focus on
the development of Trigon Uranium Corp. In conjunction with iCo Therapeutics'
Board renewal, Mr. William Jarosz has agreed to become Chairman, replacing Mr.

    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". 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. Dev't., (604) 602-9414 x 228

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