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Investor Relations

Press Release

iCo Therapeutics Appoints Chief Medical Officer

August 17, 2006

VANCOUVER, Canada – iCo Therapeutics Inc. announced today the appointment of Dr. Peter Hnik as Chief Medical Officer. Dr. Hnik is an ophthalmologist with a focus in glaucoma, neuro-ophthalmology, and deep industrial experience in retinal diseases such as age related macular degeneration and diabetic retinopathy.

“Dr. Hnik’s clinical background represents an enormous asset to our management team and its maturation,” said Andrew Rae, iCo Therapeutics’ President and Chief Executive Officer. “His expertise in not only ophthalmology but also in other medical fields strengthens our position as we continue to build our pipeline and develop clinical stage drugs for a range of new conditions affecting isolated biological environments.”

Prior to joining iCo Therapeutics, Dr. Hnik served as Associate Director of Clinical Research with QLT Inc., playing a critical role in designing and directing Visudyne clinical trials in AMD and diabetic retinopathy. Dr. Hnik was also heavily involved in the publication, in-licensing and pharmacovigilance activities for Visudyne.

“iCo Therapeutics is a company with an innovative business model, a talented management team and experienced, active advisory boards. With these fundamental building blocks in place, I am very enthusiastic about the prospects for the Company and my role in the company’s evolution”, said Dr. Hnik.

Dr. Hnik received his medical degree from the Medical Faculty of Charles University of Prague in 1981. After practicing for years at the Eye Clinic of the Charles University Hospital where he performed surgery and consultation in glaucoma and neuro-ophthalmology, Dr. Hnik later joined the Eye Clinic of the University of British Columbia as part of the glaucoma research group. He received his Master of Health Sciences degree from the University of British Columbia in 1999. He is a member of the Association for Research in Vision and Ophthalmology (ARVO), the American Academy of Ophthalmology (AAO), the European Society of Retina Specialists (EURETINA) and the Drug Information Association (DIA).

About iCo Therapeutics Inc.

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, a 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”.

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.

Business Development Contact:
Dr. John Clement, CBO
604.602.9414 × 222

Finance Contact:
Mr. John Meekison, CFO
604.602.9414 × 224

Investor Contact:
Frederica Bell, Director, Corporate Development
604.602.9414 × 228

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Investor & Media Contact

Frederica Bell, BSc, MBA
Director of Corporate Development
604.602.9414 office
778.385.2549 cell

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