Icagen Inc.'s research and development programs have received a $10 million boost from its corporate partner, Pfizer Inc.
The Feb. 13 sale moved 5,847,953 shares of common stock to Pfizer Inc. at a price of $1.71 per share, for a total of about $10 million.
The purchase agreement is part of a 2007 agreement between the two companies to discover, develop and commercialize treatments for pain and related disorders.
"The collaboration between Icagen and Pfizer announced in August of 2007 is proceeding extremely well," said P. Kay Wagoner, Ph.D., President and CEO of Icagen.
Icagen, based in Research Triangle Park, is a public biopharmaceutical company focused on the discovery, development and commercialization of novel small-molecule drugs that modulate ion channel targets to treat epilepsy, pain and inflammation, and other indications. The company has clinical stage programs in epilepsy and asthma.