Icagen, Inc. Issues Statement in Response to Pfizer Inc. SEC Filing

RESEARCH TRIANGLE PARK, N.C., June 24, 2011 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) issued today the following statement:

In response to the filing of a Schedule 13D today by Pfizer Inc. in which Pfizer indicates, as part of Pfizer's ongoing evaluation of the possible extension or other modification of the existing collaboration agreement between the parties, it is evaluating the possibility of entering into a strategic transaction with Icagen, which could have the effect of influencing or changing the control of Icagen by means of a stock or asset acquisition or merger, Icagen acknowledged that it is currently engaged in preliminary discussions with Pfizer regarding a potential strategic transaction. No definitive agreement has been reached. There can be no assurance that any agreement will be reached or that a transaction will be consummated. Icagen does not plan to make future announcements with respect to this matter unless and until its Board of Directors has approved a specific transaction or an extension or other modification of the existing collaboration agreement and it has entered into a definitive agreement or the current discussions have terminated.

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