iCo Therapeutics First Quarter Financial Results

May 30, 2008

For Immediate Release May 30, 2008

VANCOUVER, Canada— iCo Therapeutics Inc. (TSX-V: ICO) today reported interim financial results (unaudited) for the three months ended March 31, 2008. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP).

Summary Q1 2008 Results

Selected Statement of Operations Data (see attached file) 2008.05.30_iCo_Q1.pdf

We incurred a net loss of $769,576 for the three months ended March 31, 2008 compared to a net loss of $868,877 for the same period in 2007, representing a decrease of approximately $99,301. The decrease in our net loss was principally caused by a decrease in research and development expenses for the three months ended March 31, 2008 partially offset by an increase in amortization and stock based compensation expense.

Interest income for the three months ended March 31, 2008 was $10,300, compared to $11,548 for the three months ended March 31, 2007.

Research and development expenses were $437,975 for the three months ended March 31, 2008 compared to $623,114 for the same period in 2007, representing a decrease of $185,139. The decrease in research and development expenses was primarily due to the fact that we did not incur any costs related to the manufacturing of drug products during the three months ended March 31, 2008 other than ongoing stability testing for iCo-007, whereas during the three months ended March 31, 2007 we incurred expenses in connection with the manufacturing of drug product for Phase I clinical trials for iCo-008.

For the three months ended March 31, 2008 general and administrative expenses were $267,916 compared to $251,375 for the same period in 2007, representing an increase of $16,541. This increase was primarily a result of increased staffing related to our public company activities. However, these added public company expenses were partially offset by reduced professional fees for the three months ended March 31, 2007.

We realized a net cash outflow of $804,571 for the three months ended March 31, 2008 reflecting overall operating costs for the company. This compares to a net cash inflow of $1,246,127 for the three months ended March 31, 2007, which was principally due to financing proceeds of $2,521,743 offset by cash outflow from operations and investing activities of $1,275,616.

Liquidity and Outstanding Share Capital
As at March 31, 2008, we had cash and cash equivalents of $1,127,904 compared to $1,931,407 as at December 31, 2007.

For complete financial results, please see our filings at http://www.sedar.com.