Shareholders Approve All Resolutions at iCo Therapeutics Annual General Meeting

    VANCOUVER, June 8 /CNW/ - iCo Therapeutics Inc. (TSX-V: ICO) ("iCo" or
"the Company") today announced that all matters considered by shareholders at
the Company's annual general meeting on June 5, 2009 (the "AGM") were
    The following individuals were elected to iCo's Board of Directors:

    -   Chairman: William Jarosz, Co-Founder, Partner Cartesian Capital
        Group, LLC
    -   Noel Hall, Co-Founder, Aspreva Pharmaceuticals Corporation
    -   Richard Barker, Director General of the Association British
        Pharmaceutical Industry
    -   Andrew Rae, President & Chief Executive Officer, iCo Therapeutics
    -   John Clement, Chief Business Officer, iCo Therapeutics

    At the AGM, shareholders also approved a resolution to amend the
Company's 2007 Stock Option Plan (the "Stock Option Plan") to increase the
number of common shares reserved for issuance pursuant to the exercise of
stock options from 2,686,977 common shares to 3,200,000 common shares. Under
the rules of the TSX Venture Exchange, the number of shares reserved for
issuance under a stock option plan must not exceed 20% of a company's issued
and outstanding share capital. The number of common shares reserved for
issuance under the Stock Option Plan will represent 11.34% of the currently
issued and outstanding common shares of the Company. The proposed amendment to
the Stock Option Plan is subject to 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 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:

    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,
(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, Don Mosher, (604) 685-6465

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