Icagen, Inc. Reports Fourth Quarter and Full Year 2007 Financial Results

RESEARCH TRIANGLE PARK, N.C., March 5, 2008 (PRIME NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) reported today its financial results for the fourth quarter and year ended December 31, 2007. For the fourth quarter of 2007, the Company reported revenues of $2.9 million and a net loss of $3.6 million. For the year ended December 31, 2007, the Company reported revenues of $21.1 million and a net loss of $10.9 million. As of December 31, 2007, the Company's cash and cash equivalents totaled $43.5 million. This amount does not include approximately $10.0 million of gross proceeds raised in the Company's sale of common stock to Pfizer in a private placement, which closed on February 13, 2008.

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