RESEARCH TRIANGLE PARK, N.C., March 7, 2011 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) reported today its financial results and operational highlights for the fourth quarter and full year ended December 31, 2010. For the fourth quarter of 2010, the Company reported revenues of $2.3 million and a net loss of $724,000. For the full year 2010, the Company reported revenues of $10.5 million and a net loss of $6.4 million. As of December 31, 2010, the Company's cash and cash equivalents totaled $12.0 million.
"We are pleased that clinical development of a selective Nav1.7 (SCN9A) compound has been initiated in our collaboration with Pfizer. While there are several currently marketed sodium channel blockers, none are selective for this particular target, which has been genetically linked to various pain disorders. We therefore believe that targeting Nav1.7 with this novel compound may represent a unique and promising approach to the treatment of certain pain conditions. We look forward to continued progress in this program, in which we, together with Pfizer, have identified multiple promising compounds," noted P. Kay Wagoner, CEO of Icagen. "We are also pleased to be in a position to continue the development of ICA-105665, our novel KCNQ agonist for the treatment of epilepsy and pain, following discussions with the FDA."
Pipeline UpdatePfizer Collaboration: During the second half of 2010, the Company announced the initiation of a Phase I clinical trial with a candidate compound in the Nav1.7 (SCN9A) program for the treatment of pain, as well as the extension of the research term of the collaboration through December 2011. In addition, the Company received $4.0 million of milestone payments from Pfizer resulting from progress made in the collaboration, which continues to focus on the identification of novel compounds targeting three specific sodium channels for the treatment of pain.