Icagen, Inc. Announces Receipt of Three Federal Government Grants Totaling $733,000

RESEARCH TRIANGLE PARK, N.C., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today announced that it has been awarded approximately $733,000 of federal government grants under the qualifying therapeutic discovery project program under section 48D of the Internal Revenue Code. The program provided for $1.0 billion in federal subsidies in the form of a 50% investment tax credit or an elective 50% cash grant for certain expenses incurred during 2009 or 2010 with an individual taxpayer cap of $5.0 million. The program was oversubscribed and therefore the maximum grant for each certified application was approximately $244,000. The Company received the maximum award granted for each of the three project applications it submitted. All three of these successful grant applications were related to Icagen's programs targeting novel treatments for pain and epilepsy. The Company expects to receive payment for the entire grant amount during the fourth quarter of 2010.

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