Icagen, Inc. Reports Fourth Quarter and Full Year 2006 Financial Results

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Icagen, Inc. (NASDAQ: ICGN) reported today its financial results for the fourth quarter and year ended December 31, 2006. For the fourth quarter of 2006, the Company reported revenues of $1.7 million and a net loss of $6.2 million. For the year ended December 31, 2006, the Company reported revenues of $8.4 million and a net loss of $24.8 million. As of December 31, 2006, cash and cash equivalents totaled $25.1 million. This amount does not include approximately $22 million of gross proceeds raised in the Company's private placement, which closed on February 6, 2007.

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