Icagen, Inc. Reports Third Quarter 2007 Financial Results

RESEARCH TRIANGLE PARK, NC--(Marketwire - November 02, 2007) - Icagen, Inc. (NASDAQ: ICGN) reported today its financial results for the third quarter ended September 30, 2007. Revenues for the third quarter of 2007 totaled $12.9 million. Net income for the third quarter of 2007 was $5.6 million. The third quarter results include the accelerated recognition of $10.4 million of deferred revenue as a result of the termination on September 18, 2007 of the Company's collaboration with McNeil. As of September 30, 2007, cash and cash equivalents totaled $46.1 million.

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