iCo Therapeutics Closes $1.3 Million Private Placement

    VANCOUVER, Feb. 9 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) is pleased
to announce the completion of a $1,292,500 non-brokered private placement.
This financing provides the company with sufficient capital to develop iCo-007
through to the completion of the Phase 1 clinical trial. iCo-007 is targeting
the treatment of Diabetic Macular Edema. The balance of funds will provide the
company with additional working capital. iCo's partner Isis Pharmaceuticals
Inc., (NASDAQ:   ISIS), participated as a lead investor in the financing, along
with select insiders and existing shareholders.
    "We are pleased to be able to invest in the advancement of iCo-007, a
promising drug in our pipeline being developed with the ocular disease
expertise of our partners at iCo," said B. Lynne Parshall, COO and CFO of Isis
Pharmaceuticals. "This funding will help move iCo-007 to a key value
inflection point by supporting completion of the ongoing study in patients
with diffuse macular edema. iCo-007 is a product of our satellite company
strategy to exploit antisense technology beyond our core areas of focus to
provide new treatment options in a broad range of diseases. With the benefit
of our strong financial position, strengthening our pipeline in a variety of
ways is a key strategic imperative. This transaction represents one step
toward achieving that goal."
    The private placement represents 6,462,500 common shares and 3,231,250
million warrants. 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 closing of the first
tranche of this placement, in the amount of $582,750, was announced on January
30th, 2009.
    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.

    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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