RESEARCH TRIANGLE PARK, N.C., Dec. 3, 2008 (GLOBE NEWSWIRE) -- Icagen, Inc. (NasdaqGM:ICGN - News) today announced that its Board of Directors has adopted a shareholder rights plan designed to ensure that all shareholders of the company receive fair and equal treatment in the event of an unsolicited takeover proposal. The plan is intended to safeguard against coercive tactics, including open market accumulations, designed to gain control of the company without allowing all shareholders to realize the long-term value of their investment, particularly in light of the current market price of Icagen's common stock and the extreme volatility in the stock markets. The rights plan is also designed to enhance the company's ability to negotiate with a prospective acquirer. The rights plan was not adopted in response to any specific effort to acquire control of the Company. Icagen's shareholder rights plan is similar to plans adopted by many other publicly-traded companies.
