iCo Therapeutics Selected as Canada's Top 10(TM) Competition Winner

    VANCOUVER, Oct. 1 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO), a
reprofiling company focused on redosing or reformulating drugs with clinical
history for new or expanded indications, is pleased to announce that iCo has
been selected as one of Canada's Top 10(TM) Competition winners. Top 10(TM)
winners are chosen by an independent expert panel of Canadian and U.S. venture
capitalists. The panel can be viewed at
    The competition showcases Canada's life sciences, cleantech and
technology sectors. Working in partnership with Canadian Consulates in Boston,
New York City, San Diego and San Francisco, winning companies will participate
in targeted investment forums in each city, providing them with an opportunity
to meet with Venture Capital investors who have expressed an active interest
in financing these companies. Since its inception in 1999, competition alumni
have secured more than $522M in venture capital financing. More information
about the competition can be found at http://www.topcanadiancompanies.ca/.

    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 parenterally 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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iCo Therapeutics Inc.

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