Icagen Regains Compliance With Nasdaq Listing Requirements
October 11 2010 - 8:30AM
Icagen, Inc. (Nasdaq:ICGND) today announced that it has regained
compliance with the Nasdaq Global Market's $1.00 minimum bid price
requirement. On October 7, 2010, the Company received notification
from the Nasdaq Listing Qualifications Department that it has
regained compliance with the minimum bid price requirement set
forth in Nasdaq Listing Rule 5450(a)(1) after maintaining a closing
bid price equal to or in excess of $1.00 for a minimum of ten
consecutive trading days and that the Company's non-compliance with
the requirement announced on November 13, 2009, has been
rectified.
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 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 our website at www.icagen.com.
The Icagen, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5735
Forward Looking Statements
This press release may contain 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 Icagen's most recent
Quarterly Report on Form 10-Q, filed with the SEC on August 12,
2010. These risk factors include risks as to Icagen's lack of
liquidity and substantial doubt about Icagen's ability to continue
as a "going concern;" Icagen's ability to raise additional funding;
Icagen's history of net losses and how long Icagen will be able to
operate on its existing capital resources; general economic and
financial market conditions; Icagen's ability to maintain
compliance with Nasdaq's continued listing requirements; whether
Icagen'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, Icagen's product candidates, including ICA-105665 and Icagen's
other lead compounds for epilepsy and pain, 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 Icagen'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.
CONTACT: Icagen, Inc.
Richard D. Katz, M.D., EVP, Finance and Corporate Development;
Chief Financial Officer
(919) 941-5206
rkatz@icagen.com
Lazar Partners, Ltd.
Stephanie Marks
(212) 867-1762
smarks@lazarpartners.com
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