Icagen, Inc. Announces First Closing of Investment by Pfizer Inc.
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Icagen, Inc. (Nasdaq: ICGN) today announced the completion of a previously announced sale of 2,688,172 shares of common stock to Pfizer Inc at a price of $1.86 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 execution of the purchase agreement, resulting in gross proceeds to Icagen of approximately $5.0 million. As previously reported, Icagen also has an option to sell to Pfizer up to an additional $10.0 million of common stock at fair market value at the time of exercise, subject to certain terms and conditions, at any time during the 18 months following the execution of the purchase agreement. The purchase agreement was completed in conjunction with the recently announced formation of a collaboration between Icagen and Pfizer. After deducting transaction expenses payable by the Company, Icagen intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.