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Icos went public on June 6, 1991, raising $36 million.
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The company initially had temporary offices in downtown Seattle, but moved to Bothell in September 1990. The founders raised $33 million in July 1990 from many investors, including Bill Gates – who at the time was the largest shareholder, with 10% of the equity. The name Icos comes from icosahedron, a 20-sided polyhedron, which is the shape of many viruses, and was chosen because the founders originally thought retroviruses might be involved in inflammation. Icos was formed with the goal of developing new drugs to treat the underlying causes of inflammatory diseases and halt the disease process in the early stages. Icos was founded in 1989 by George Rathmann, Robert Nowinski, and Christopher Henney, each of whom had previously started another biotechnology company: Rathmann had created Amgen Nowinski had launched Genetic Systems, later sold to Bristol-Myers Squibb and Henney co-founded Immunex, later sold to Amgen. CMC Biologics, a Danish contract manufacturer, bought the remnants of Icos and retained the remaining employees. Eli Lilly acquired Icos in January 2007, and most of Icos's workers were laid off soon after. LeukArrest, a drug to treat shock, and Pafase, developed for sepsis, were both tested in phase III clinical trials, but testing was discontinued after unpromising results during the trials. Cialis was the only drug developed by the company to be approved. Boosted by a unique advertising campaign led by the Grey Worldwide Agency, sales from Cialis allowed Icos to become profitable in 2006. This drug was discovered by GlaxoSmithKline, developed by Icos, and manufactured and marketed in partnership with Eli Lilly. Icos is famous for tadalafil (Cialis), a drug used to treat erectile dysfunction. Icos also manufactured antibodies for other biotechnology companies.
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During its 17-year history, the company conducted clinical trials of twelve drugs, three of which reached the last phase of clinical trials. It was founded in 1989 by David Blech, Isaac Blech, Robert Nowinski, and George Rathmann, a pioneer in the industry and chief executive officer (CEO) and co-founder of Amgen, Icos focused on the development of drugs to treat inflammatory disorders. state of Washington, before it was sold to Eli Lilly and Company in 2007. Icos Corporation (trademark ICOS) was an American biotechnology company and the largest biotechnology company in the U.S.