iCo Therapeutics Second Quarter Financial Results

    VANCOUVER, Aug. 28 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) today
reported interim financial results (unaudited) for the three and six months
ended June 30, 2008. Amounts, unless specified otherwise, are expressed in
Canadian dollars and in accordance with Canadian Generally Accepted Accounting
Principles (Canadian GAAP).

    Summary Q2 2008 Results

    Selected Statement of Operations Data          Three Months ended June 30
                                                       2008          2007
    Gain (loss) from operations                    $  (671,290)  $  (716,648)
    Weighted average number of shares outstanding,
     basic and diluted                              15,798,575    10,237,829
    Net gain (loss) per share, basic and diluted   $     (0.04)  $     (0.07)

    Selected Balance Sheet Data                   Six Months      Year ended
                                                 ended June 30,  December 31,
                                                      2008           2007
    Cash plus short term investments               $ 1,398,585   $ 1,931,407
    Net working capital                            $ 1,387,904   $ 1,608,921
    Total assets                                   $ 2,673,075   $ 3,279,056
    Long term liabilities                                    -             -
    Total shareholders' equity                     $ 2,218,107   $ 2,495,115

    We incurred a net loss of $671,290 for the three months ended June 30,
2008 compared to a net loss of $716,648 for the same period in 2007,
representing a decrease of approximately $45,358.
    Research and development expenses were $365,276 for the three months
ended June 30, 2008 compared to $377,444 for the same period in 2007,
representing a decrease of $12,168. For the three months ended June 30, 2008
general and administrative expenses were $243,742 compared to $285,972 for the
same period in 2007, representing a decrease of $42,230.
    We realized a net cash outflow of $490,648 for the six months ended
June 30, 2008 reflecting overall operating costs for the company for the six
months of $1,603,136, less $1,112,488 of cash inflows coming primarily from
financing proceeds received in the second quarter. This compares to a net cash
inflow of $84,564 for the six months ended June 30, 2007, which was
principally due to financing proceeds of $2,540,665 offset by cash outflow
from operations and investing activities of $2,625,299. While we expect that
overall cash outflows for the next 12 months will remain fairly consistent
with outflows experienced for the six months ended June 30, 2008, we are
undertaking efforts to conserve cash resources wherever possible and as such,
cash outflows may decline moderately over the next six months. Any cash
inflows will be highly dependent on our ability to raise equity capital.

    Liquidity and Outstanding Share Capital

    As at June 30, 2008, we had cash and cash equivalents of $1,398,585
compared to $1,931,407 as at December 31, 2007. Surplus cash is invested in
redeemable, short-term money market investments. As at June 30, 2008, the
company had working capital of $1,387,904 compared to $1,608,921 as at
December 31, 2007. We anticipate that our current cash on hand plus expected
receivables (relating to Canadian Scientific and Research Development tax
credits and a pending claim for United Kingdom Value Added Tax related to the
manufacture of iCo-008) will be sufficient to fund operations through to the
first quarter of 2009, at which time we will need to obtain additional
proceeds through equity or debt financing or by selling or licensing our
technology for cash proceeds. However, our working capital position may not be
sufficient to meet its stated business objectives in the event unforeseen
circumstances or a change in our strategic direction.
    For complete financial results, please see our filings at www.sedar.com.

    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,
(604) 602-9414 x 222; 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 Calverly, (604) 685-6465

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