Icagen Forms Collaboration With Yale School of Medicine and Pfizer to Investigate Potential Novel Pain Treatments

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| Source: Icagen, Inc.

RESEARCH TRIANGLE PARK, N.C., May 3, 2011 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) announced today that it has entered into a three-party collaboration with the Yale School of Medicine and Pfizer, Inc. to explore the potential efficacy of investigational compounds identified by Icagen and Pfizer in their existing collaboration. P. Kay Wagoner, Ph.D., CEO of Icagen noted, "We are very pleased that Yale researchers Stephen Waxman, M.D. and Sulayman Dib-Hajj M.D. have agreed to work with us and our partner Pfizer in the study of Nav1.7 channels from inherited erythromelalgia (IEM) patients. Drs. Waxman and Dib-Hajj are among the world's leading researchers in the role of sodium channels in pain. The studies we are jointly undertaking should help us better understand how modulating Nav1.7 channels in IEM patients may reduce the extreme pain experienced by these patients. This information may additionally assist our broader efforts to find novel sodium channel treatments for patients with various pain conditions."

Please see the attached press release from Yale University for further details.

http://media.globenewswire.com/cache/10899/file/10428.pdf

About Icagen

Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets. Utilizing its proprietary know-how and integrated scientific and drug development capabilities, Icagen has identified multiple drug candidates that modulate ion channels. The Company is conducting research and development activities in a number of disease areas, including epilepsy, pain and inflammation. The Company has two clinical stage programs in epilepsy and pain. To learn more about Icagen, please visit our website at www.icagen.com.

The Icagen, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5735

Forward Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors" in Icagen's most recent Annual Report on Form 10-K, filed with the SEC on March 9, 2011. These risk factors include risks as to Icagen's ability to raise additional funding; Icagen's history of net losses and how long Icagen will be able to operate on its existing capital resources; general economic and financial market conditions; Icagen's ability to maintain compliance with Nasdaq's continued listing requirements; whether Icagen's product candidates will advance in the clinical trials process; the timing of such clinical trials; whether the results obtained in preliminary studies will be indicative of results obtained in clinical trials; whether the clinical trial results will warrant continued product development; whether and when, if at all, Icagen's product candidates, including ICA-105665 and Icagen's other lead compounds for epilepsy and pain, will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and if such product candidates receive approval, whether such products will be successfully marketed; and Icagen's dependence on third parties, including manufacturers, suppliers and collaborators. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

Richard D. Katz, M.D.
EVP, Finance and Corporate Development;
Chief Financial Officer
Icagen, Inc.
(919) 941-5206