Icagen, Inc. Announces Closing of Investment by Pfizer Inc.
RESEARCH TRIANGLE PARK, N.C., Feb. 14, 2008 (PRIME NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today announced the completion on February 13, 2008 of a previously announced sale of 5,847,953 shares of common stock to Pfizer Inc at a price of $1.71 per share, which was the closing bid price of the common stock as reported on the Nasdaq Global Market as of 4:00 p.m. Eastern Time on the business day preceding the date of Icagen's put exercise pursuant to the Purchase Agreement dated August 13, 2007, resulting in gross proceeds to Icagen of approximately $10.0 million. The purchase agreement was completed in conjunction with the formation of a worldwide collaboration and licensing agreement with Pfizer for the discovery, development and commercialization of compounds which modulate three specific sodium ion channels as new potential treatments for pain and related disorders and that was initiated on August 13, 2007. Icagen intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.