RESEARCH TRIANGLE PARK, N.C., Sept. 3, 2010 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today announced that its Board of Directors has determined to proceed with the one-for-eight reverse stock split previously approved by its stockholders. Icagen expects to file an amendment to its certificate of incorporation on September 21, 2010 in order to effect the reverse split and to fix on a post-split basis the number of authorized shares of its common stock at 18,750,000. This amendment was approved by Icagen's stockholders at the company's annual meeting of stockholders held on June 3, 2010.
Upon the effective time of the amendment to Icagen's certificate of incorporation, each outstanding share of Icagen common stock will automatically be changed into one-eighth of a share of common stock. No fractional shares will be issued in connection with the reverse stock split. Holders of common stock who would otherwise receive a fractional share of common stock pursuant to the reverse stock split will receive cash in lieu of the fractional share. Icagen expects the reverse stock split to become effective for trading purposes at the opening of the market on September 22, 2010.
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 a clinical stage program in epilepsy and pain. To learn more about Icagen, please visit our website at www.icagen.com.
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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, including, without limitation, statements relating to the timing of the reverse stock split and the filing of the related amendment to Icagen's certificate of incorporation. 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 Quarterly Report on Form 10-Q, filed with the SEC on August 12, 2010. These risk factors include risks as to Icagen's lack of liquidity and substantial doubt about Icagen's ability to continue as a "going concern;" 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 its 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.