RESEARCH TRIANGLE PARK, N.C., March 20, 2008 (PRIME NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today announced that, together with Pfizer, it has entered into a collaboration with the laboratory of Professor B. A. Wallace at Birkbeck, University of London, to study the structural biology of sodium channels. This three party relationship has been established to support a previously established collaboration between Icagen and Pfizer for the discovery of compounds which modulate specific sodium ion channels as potential new treatments for pain and related disorders.
P. Kay Wagoner, Ph.D., President and CEO of Icagen stated, "We are very pleased that Pfizer and Icagen have initiated a collaboration with Professor B. A. Wallace at Birkbeck College. Professor Wallace is one of the world leaders in the structural biology of ion channels and has particular expertise in structural studies of sodium channels, a gene family that forms the basis of our ongoing collaboration with Pfizer. Molecular biologists, electrophysiologists, computational chemists and structural biologists at Pfizer, Icagen and Birkbeck College are combining efforts in a multi-year alliance to gain a greater understanding of the structural biology and function of sodium channels and the interaction of these channels with drug-like compounds. We expect that this collaboration will provide important information that may further accelerate our efforts, together with Pfizer, to advance novel sodium channel modulators into clinical development for the treatment of pain and related disorders."
Gillian Burgess, Pfizer Research Head, Pain added, "There is a growing body of evidence to suggest that sodium channels play an important role in certain pain disorders. By combining the scientific expertise of Professor B.A. Wallace's lab with that of Pfizer and Icagen we look forward to making significant advances in this field."
"We will study these ion channels and how they interact with different drug compounds," stated Professor B.A. Wallace. "We hope to gain a greater understanding of structure and function, in order to advance our knowledge of pain disorders and potential drug treatments."
About Icagen
Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets. Utilizing its proprietary know-how and integrated scientific and drug development capabilities, Icagen has identified multiple drug candidates that modulate ion channels. The Company is conducting research and development activities, in some cases in collaboration with leading pharmaceutical companies, in a number of disease areas, including epilepsy, pain and inflammation. The Company has clinical stage programs in epilepsy and asthma.
About Birkbeck, University of London
Founded in 1823, Birkbeck, University of London is a world-class research and teaching institution and a vibrant centre of academic excellence. Over 90% of Birkbeck academics are research-active -- the highest rate for any multi-faculty institution in London and the fifth highest in the UK. More than 80% of the research carried out at Birkbeck is rated as being of international importance. In 2006 Birkbeck was awarded a prestigious Queen's Anniversary Prize for excellence in higher education research. More information at www.bbk.ac.uk
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10- K, filed with the SEC on March 7, 2008. These risk factors include risks as to the Company's history of net losses and how long the Company will be able to operate on its existing capital resources; the Company's ability to raise additional funding; the Company's ability to maintain compliance with NASDAQ's continued listing requirements; whether the Company's product candidates will advance in the clinical trials process; the timing of such clinical trials; whether the results obtained in preliminary studies will be indicative of results obtained in clinical trials; whether the clinical trial results will warrant continued product development; whether and when, if at all, the Company's product candidates, including ICA-105665 and the Company's other lead compounds for epilepsy and neuropathic pain and senicapoc for asthma, will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and if such product candidates receive approval, whether such products will be successfully marketed; and the Company's dependence on third parties, including manufacturers, suppliers and collaborators. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.