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Investor Relations

Press Release

iCo Therapeutics Appoints Expert in Immunology and Ophthalmology as Chief Scientific Officer

July 19, 2005

VANCOUVER, July 19 /CNW/ – iCo Therapeutics Inc. announced today the appointment of Professor Santa Jeremy Ono, a leading authority in the fields of immunology and ophthalmology, as Chief Scientific Officer.

Prof. Ono currently serves as GlaxoSmithKline Professor of Biomedical Sciences, University College, University of London, and Chair of Immunology, UCL-Institute of Ophthalmology, Moorfields Eye Hospital (the world’s first and largest eye research and treatment centre). Past appointments include: Assistant Professor of Medicine, Pathology & Biology at Johns Hopkins University and Associate Professor & Director of the Immunity, Inflammation and Transplantation Group at the Schepens Eye Research Institute, Harvard Medical School.

Prof. Ono has directed multiple research and development programs, many of which have been in partnership with biotechnology and pharmaceutical companies. He has served on the Medical Advisory Board of the UK Medical Research Council and Immunological Sciences Panel of the US National Institute of Health. Prof. Ono received degrees from the University of Chicago (BA) and McGill University (PhD) and was a Helen Hay Whitney Fellow at Harvard University. He serves on many editorial boards, is involved with numerous professional societies and associations, and has more than eighty publications to his credit. Among his many honors, he was elected International Fellow of the American Academy of Asthma, Allergy and Immunology, Fellow of the Royal Society of Medicine, received the Pharmacia International Award in Allergy Research, and has been inducted into the Collegium Internationale Allergologicum.

“Prof. Ono’s extensive knowledge and experience and his international network of colleagues within the fields of ophthalmology and immunology will greatly contribute to iCo’s goal to search for and develop existing therapies to treat ocular diseases,” stated Andrew Rae, President and CEO of iCo Therapeutics. “Prof. Ono’s pedigree is truly world class and representative of the caliber of senior management we will continue to recruit.”

iCo seeks out and develops or modifies approved or near-approved therapies to treat a variety of conditions within isolated biological environments. Because the drugs have already been through extensive preclinical and clinical testing, and in some cases regulatory approval, development risk and time to commercialization is significantly decreased.

“I am pleased to take on this important role with iCo Therapeutics,” said Prof. Ono. “The management team at iCo Therapeutics is well known and respected and I am looking forward to working closely with my new colleagues to bring patients promising medicines that might otherwise go undeveloped for specific indications.”

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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