RESEARCH TRIANGLE PARK, N.C., June 4, 2009 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today announced that the Company has retained J.P. Morgan to provide advice and assistance on a range of possible transactions, including the formation of one or more collaborations or the potential acquisition of the Company. Icagen has not determined whether to pursue any particular strategic alternative, and, given market conditions and discussions with third parties to date, expects that the process may extend over the next two quarters and possibly longer. Icagen does not expect to provide any updates until the process or any strategic transaction has concluded. There can be no assurance that, if any transaction is commenced, it will be completed or as to the value that any such transaction might have for Icagen's stockholders.
The Company currently maintains worldwide rights to both of its lead programs - senicapoc for asthma and ICA-105665 for epilepsy and neuropathic pain. The lead compounds in these programs are novel small molecule drug candidates aimed at markets with significant commercial potential for which Icagen holds composition of matter patents. In addition to the Company's clinical programs, Icagen also currently maintains worldwide rights to its research programs focused on TRP-A1, T-type calcium channels and I-CRAC, ion channel targets for pain and inflammation. Icagen continues to collaborate with Pfizer in its sodium channel program for pain.
Charles A. Sanders, M.D., Chairman of the Board of Directors, stated, "The Icagen Board of Directors believes that the value inherent in the Company's clinical and research-stage programs, as well as in the Company's core ion channel technology platform, is not currently reflected in Icagen's stock price. We remain committed to taking the appropriate measures to build value for our shareholders, and are pleased to have J.P. Morgan assist us in this process."
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 clinical stage programs in epilepsy and asthma.
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Forward-Looking Statements
This press release contains 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 the Company's most recent Quarterly Report on Form 10-Q, filed with the SEC on May 7, 2009. These risk factors include risks as to the Company's history of net losses and how long the Company will be able to operate on its existing capital resources; the Company's ability to raise additional funding; general economic and financial market conditions; the Company's ability to maintain compliance with NASDAQ's continued listing requirements; whether the Company'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, the Company's product candidates, including ICA-105665 and the Company's other lead compounds for epilepsy and neuropathic pain and senicapoc for asthma, 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 the Company'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.