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Investor Relations

Press Release

iCo Therapeutics Recruits Leading Ophthalmologist to Strategic Advisory Board

June 14, 2006

VANCOUVER, Canada-iCo Therapeutics Inc. announced today that Dr. Philip Rosenfeld has joined iCo’s strategic advisory team. Dr. Rosenfeld is Professor of Ophthalmology at the world-renowned Bascom Palmer Eye Institute at the University of Miami, Miller School of Medicine.

“Dr. Rosenfeld has been involved in the clinical testing of virtually every medical treatment for age-related macular degeneration (AMD) and was the first to demonstrate the usefulness of Avastin in treating the disease,” said Andrew Rae, iCo President and CEO. “Dr. Rosenfeld’s vision and pioneering efforts with Avastin have led to a paradigm shift in the way AMD is treated today. We are extremely pleased to have him join our strategic advisory board and help guide the acquisition and clinical development of our products.”

Dr. Rosenfeld’s chief research interests are in the diagnosis, treatment and genetics of macular diseases. He is at the forefront of medical testing having spent the past decade seeking effective therapies for AMD. He is currently Principal Investigator of nine clinical trials for AMD. In May 2005, Dr. Rosenfeld was the first to perform an intravitreal injection of Avastin-a drug approved to treat colon cancer-for the treatment of wet AMD. By injecting a small amount of the drug into the eyes of patients with wet AMD, Dr. Rosenfeld showed that Avastin not only halted the progression of neovascularization in these patients, but also resulted in an improvement in vision in many of the patients. These findings have since been put into practice by physicians around the world.

Dr. Rosenfeld received a Medical Degree and PhD from the Johns Hopkins University School of Medicine in Baltimore. He completed a residency at Harvard’s Massachusetts Eye and Ear Infirmary and fellowships at both the Department of Ophthalmology at Harvard University and the Bascom Palmer Eye Institute at the University of Miami, Miller School of Medicine.

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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