Icagen, Inc. Reports Receipt Of Notification From NASDAQ Regarding Non-Compliance With Continued Listing Requirements

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Icagen, Inc. (NASDAQ: ICGN) reported today that on October 27, 2006 the Company received a notification from the NASDAQ Listing Qualifications Department providing notification that, for the last 30 consecutive business days, the bid price of the Company’s common stock has closed below the minimum $1.00 per share requirement for continued inclusion under NASDAQ Marketplace Rule 4450(a)(5) (the "Rule"). Icagen, in accordance with NASDAQ Marketplace Rule 4450(e)(2), has been provided 180 calendar days, or until April 25, 2007, to regain compliance. To regain compliance, the bid price of the Company's common stock must close at $1.00 per share or more for a minimum of ten consecutive business days at any time before April 25, 2007.