iCo Therapeutics announces $4,000,000 brokered private placement

iCo Therapeutics Inc. (TSX-V: ICO) (the "Company") is pleased to announce that further to its press release issued October 20, 2009 announcing a $4,000,000 brokered private placement (the "Offering") co-led by Loewen, Ondaatje, McCutcheon Limited and Versant Partners Inc. (collectively, the "Agents"), the Company has completed the first tranche of the Offering through the issuance of 6,000,000 common shares of Company (the "Shares"). The Shares were issued at a price of $0.48 per share for gross proceeds of $2,880,000.

As consideration for acting as agents, the Company paid the Agents a cash commission of 8% of the gross proceeds of the first tranche of the Offering and granted the agents 240,000 compensation options ("Compensation Options"). Each Compensation Option is exercisable for one common share at an exercise price of $0.60 for a period of 12 months.

The private placement is subject to final TSX Venture Exchange approval for filing. All securities issued pursuant to the first tranche of the private placement will be subject to a four-month hold period expiring on March 1, 2010. The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any United States state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.