RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Icagen, Inc. (Nasdaq: ICGN) today announced the completion of a previously announced private placement of approximately 15.4 million shares of common stock, together with warrants to purchase approximately 5.4 million additional shares of common stock at an exercise price of $1.45 per share, for a total purchase price of approximately $1.42 per unit. The financing resulted in gross proceeds to Icagen of approximately $22 million. After deducting transaction expenses payable by the Company, Icagen intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.
