Applied Genetic Technologies Corporation and Icagen, Inc. Announce Technology Transfer Agreement

ALACHUA, Fla. and RESEARCH TRIANGLE PARK, N.C., June 24, 2010 (GLOBE NEWSWIRE) -- AGTC, a privately held company, and Icagen, Inc. (Nasdaq:ICGN) today announced the completion of an agreement for the purchase and sale of certain patent rights between the companies. Icagen is transferring its rights to patents relating to the ion channel gene CNGB3, which has been linked to certain disorders of the eye. Under the terms of the agreement, Icagen has assigned ownership of the patents to AGTC, which intends to use the patented technology for gene therapy as a potential treatment for Achromatopsia, a severe form of daytime blindness. Icagen has retained an exclusive license for small molecule therapeutics targeting this gene. Pursuant to the transaction, AGTC will make a $1.0 million payment to Icagen.

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