updated 11/2/2010 8:45:36 AM ET 2010-11-02T12:45:36

RESEARCH TRIANGLE PARK, N.C., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today announced that it has been awarded approximately $733,000 of federal government grants under the qualifying therapeutic discovery project program under section 48D of the Internal Revenue Code. The program provided for $1.0 billion in federal subsidies in the form of a 50% investment tax credit or an elective 50% cash grant for certain expenses incurred during 2009 or 2010 with an individual taxpayer cap of $5.0 million. The program was oversubscribed and therefore the maximum grant for each certified application was approximately $244,000. The Company received the maximum award granted for each of the three project applications it submitted. All three of these successful grant applications were related to Icagen's programs targeting novel treatments for pain and epilepsy. The Company expects to receive payment for the entire grant amount during the fourth quarter of 2010. 

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.

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