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Investor Relations

Press Release

iCo Therapeutics Named One of Canada’s Top Investment Prospects

November 8, 2005

Vancouver, CANADA – iCo Therapeutics has been selected as a finalist in Canada’s Top 10 Life Sciences Companies Competition for 2005/2006. In being named one of Canada’s Top 10, the Council recognizes iCo Therapeutics’ future investment potential and provides iCo the opportunity to present to the North American investment community at the prestigious BioNorth 2005, a premier conference for life sciences companies.

“It is indeed an honour to be selected as one of Canada’s Top 10 by the Ottawa Life Sciences Council,” said iCo Therapeutics Chief Executive Officer Andrew Rae. “I would like to congratulate all of the other finalists. This not only acknowledges iCo’s potential but also the promise and vitality of the greater Canadian biopharmaceutical and scientific community.”

In addition to presenting at BioNorth 2005, iCo Therapeutics and the other finalists will have an opportunity to present their business plans to an audience of investors, venture capitalists and potential strategic alliance partners at investment forums in New York, Boston and San Francisco. Since its inception, Canada’s Top 10 alumni have raised over $480 million collectively in venture capital funding after being named finalists.

“This represents a singular opportunity to secure the means to help bring us even closer to achieving our business goals,” added Rae.

Jurors for this year’s awards include representatives from eleven of the top venture capital companies in Canada and the U.S. For a list of jurors and their profiles, visit http://www.bionorth.ca/Top10/jury.html.

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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