Shares of Icagen (Nasdaq:ICGN) jumped more than 100 percent today after announcing a milestone achievement and $1 million infusion from Pfizer (NYSE:PFE). In late trading, the stock was up 98 percent at $2.42 per share on heavy volume of more than 4 million shares. Icagen has a market cap of $15 million and a 52-week range between $0.96 and $9.60 per share.
Icagen today provided an update on its sodium channel program for pain and related disorders which is being conducted in collaboration with Pfizer. As previously reported, the companies recently conducted a clinical study in healthy volunteers of several collaboration compounds targeting the sodium ion channel Nav1.7. Based upon data obtained in this study, the companies have now selected one of these compounds to advance into further clinical studies. The selection of this compound has triggered a milestone payment to Icagen of $1.0 million.
P. Kay Wagoner, CEO of Icagen, stated, "We are very pleased that, in collaboration with Pfizer, we have now selected a novel compound for further clinical development in our Nav1.7 program. This marks an important achievement, as we believe, based upon a wide range of genetic and scientific evidence, that subtype selective sodium channel blockers represent a promising approach for the treatment of pain and related disorders. In achieving this milestone, we feel fortunate to be working with one of the world's leading pain research groups at Pfizer."
As previously noted, Pfizer and Icagen recently renewed and extended the research term of their collaboration through year-end 2011. In addition to Nav1.7, the collaboration also includes certain other sodium ion channel targets. Pfizer will continue to fund all aspects of the collaboration, including research and preclinical development efforts at Icagen, and has exclusive worldwide rights to commercialize products that result from the collaboration. Icagen is eligible to receive approximately $359 million upon achievement of specified research, development, regulatory and commercialization milestones for products under the collaboration, and is also eligible to receive tiered royalties, against which the commercialization milestones are creditable, based upon product sales.
Icagen 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 a number of disease areas, including epilepsy, pain and inflammation. The Company has a clinical stage program in epilepsy and pain.
To learn more about Icagen, please visit their website at www.icagen.com.
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