updated 6/20/2011 8:16:33 AM ET 2011-06-20T12:16:33

RESEARCH TRIANGLE PARK, N.C., June 20, 2011 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) today provided an update on its sodium channel program for pain and related disorders which is being conducted in collaboration with Pfizer. Icagen and Pfizer have initiated a multiple ascending dose study of the lead compound in the collaboration, which targets the ion channel Nav 1.7. 

The objective of this clinical study is to evaluate the safety, tolerability and pharmacokinetics of multiple doses of this novel drug candidate in a placebo controlled study in healthy volunteers. Up to four cohorts of healthy volunteers will receive escalating doses of the drug candidate for a period of fourteen days. 

P. Kay Wagoner, CEO of Icagen, stated, "We are delighted that, in collaboration with Pfizer, we continue the clinical development of our potent and subtype-selective Nav 1.7 blocker.  This marks another important step in our joint development of subtype-selective sodium channel blockers, which we believe represent a promising approach for the treatment of pain and related disorders."

Pfizer will continue to fund all aspects of the collaboration, including all clinical studies and the continuing research and preclinical development efforts at Icagen on collaboration sodium channel targets. Pfizer has exclusive worldwide rights to commercialize any products that result from the collaboration. Icagen is eligible to receive milestones and tiered royalties based upon any product sales for each product under the collaboration.

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 two clinical stage programs 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 May 10, 2011. These risk factors include risks as to Icagen's history of net losses and how long Icagen will be able to operate on its existing capital resources; Icagen's ability to raise additional funding; 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.

         Richard D. Katz, M.D.
         EVP, Finance and Corporate Development
         Chief Financial Officer
         Icagen, Inc.
         (919) 941-5206

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