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Investor Relations

Press Release

iCo Therapeutics Welcomes Dr. David S. Boyer to Strategic Advisory Board

October 27, 2006

VANCOUVER, Canada— iCo Therapeutics Inc. announced today that Dr. David S. Boyer will join its strategic advisory team. As an ophthalmologist and senior partner of the Retina-Vitreous Associates Medical Group in California, Dr. Boyer specializes in diseases of the retina and vitreous. He is a Clinical Associate Professor of Ophthalmology at the University of Southern California and has worked on trials for age-related macular degeneration, diabetic retinopathy, and cytomegalovirus retinitis.

“We are pleased to have Dr. Boyer join our advisory team,” said Andrew Rae, iCoTherapeutics’ President and Chief Executive Officer. “His clinical knowledge and experience as an advisor to dynamic and successful biotechnology companies brings strength to our strategic advisory team.”

Dr. Boyer has served on the advisory boards for Alcon, Novartis, Eyetech/Pfizer, Genentech, Neurotech and the Macular Degeneration Partnership. He is a reviewer for several ophthalmology and diabetes medical publications including Archives of Ophthalmology, American Journal of Ophthalmology, Diabetes Care, and Ophthalmology.

Throughout his career, Dr. Boyer has been honoured by prestigious organizations including the American Academy of Ophthalmology (Board of Trustees Honor Award Certificate) and Retinitis Pigmentosa International (1996 Jules Stein Living Tribute Award). Every year since 2000, he has been selected by his peers to be listed in Best Doctors In America.

Dr. Boyer’s professional affiliations include the Los Angeles Medical Association, Los Angeles Eye Society, American Board of Ophthalmology, Discovery Fund for Eye Research, American Academy of Ophthalmology and Otolaryngology, California Medical Association, Vitreous Society, American Medical Association, Retinitis Pigmentosa International, and the American Diabetes Association. Dr. Boyer earned his medical degree at Chicago Medical School, completed his internship and residency at the USC/Los Angeles County Medical Center, and went on to do his fellowship in retinal surgery at the Wills Eye Hospital in Philadelphia.

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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