iCo Therapeutics and JDRF Partner to Investigate iCo-007 in Diabetic Macular Edema

VANCOUVER, Sept. 26, 2011 /PRNewswire/ – iCo Therapeutics Inc. (TSXV: ICO)
today announced that the company has entered into a research
collaboration agreement with JDRF, the worldwide leader for research to
cure, treat, and prevent type 1 diabetes (T1D), to support the previously announced Phase 2 investigator sponsored clinical trial investigating iCo-007 in
Diabetic Macular Edema (DME).

DME is a major complication of diabetes and a leading cause of blindness
in adults. In DME, leakage of fluid from the blood vessels in the eye
causes the retina to swell, resulting in blurring and loss of vision.

“We are delighted to be collaborating with JDRF on such an important
project,” stated Andrew Rae, President & CEO of iCo Therapeutics. “JDRF
is dedicated to finding better treatments and cures for diabetes and
its complications, including DME, and has played a very important
patient advocacy role which cannot be underestimated. We look forward
to working with JDRF to explore iCo-007′s potential in DME.”

“JDRF is committed to supporting research that accelerates the delivery
of therapeutics that improves the quality of life for people living
with diabetes and its complications,” said Aaron Kowalski, Ph.D.,
Assistant Vice President of Treatment Therapies for JDRF. “As part of
this commitment, we have made retinopathy a high priority research
emphasis area, and this includes working with partners such as iCo on
clinical trials focused on slowing or halting the progression of
diabetic eye disease.”

About iCo-007

Designed and discovered by ISIS Pharmaceuticals Inc., (NASDAQ: ISIS),
iCo-007 is a second-generation antisense drug targeting c-Raf kinase
for the treatment of DME and diabetic retinopathy.  iCo-007 completed
an open label, dose escalating Phase I trial with safety as the primary
endpoint, and visual acuity and measures of retinal thickness serving
as secondary endpoints.  Importantly, iCo saw no drug-related serious
adverse events, no signs of ocular inflammation, no intraocular
pressure issues and no systemic exposure. In August 2011, iCo announced
the initiation of a US physician-sponsored Phase II clinical trial
involving iCo-007, titled the iDEAL study, which will be conducted
across multiple sites throughout the United States. The iDEAL Study
will be led by the clinician scientists who are investigators in the
trial and will be coordinated at one of the leading medical
institutions in the United States.

About JDRF

JDRF is the worldwide leader for research to cure type 1 diabetes (T1D).
It sets the global agenda for diabetes research, and is the largest
charitable funder and advocate of diabetes science worldwide.

The mission of JDRF is to find a cure for diabetes and its complications
through the support of research. T1D is an autoimmune disease that
strikes children and adults suddenly, and can be fatal. Until a cure is
found, people with T1D have to test their blood sugar and give
themselves insulin injections multiple times or use a pump–each day,
every day of their lives. And even with that intensive care, insulin is
not a cure for diabetes, nor does it prevent its potential
complications, which may include kidney failure, blindness, heart
disease, stroke, and amputation.

Since its founding in 1970 by parents of children with T1D, JDRF has
awarded more than $1.5 billion to diabetes research, including $107
million last year. More than 80 percent of JDRF’s expenditures directly
support research and research-related education. For more information,
please visit www.jdrf.org.

About iCo Therapeutics

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 2 for the treatment of Diabetic Macular
Edema (DME), iCo-008 (Bertilimumab), a product with Phase 2 clinical
history to be developed for sight threatening diseases; and an oral
Amphotericin B delivery system for life-threatening infectious
diseases. Immune Pharmaceuticals licensed systemic rights to iCo-008 in
June 2011. iCo trades on the TSX Venture Exchange under the symbol
“ICO”.  For more information, visit the Company website at: www.icotherapeutics.com.

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.

SOURCE iCo Therapeutics Inc.