Icagen has raised $22 million through a stock placement. The drug developer had been dealt a serious setback last summer after reporting that an experimental sickle cell therapy had run into trouble. Preliminary data from a late-stage study showed that the drug was effective in a smaller group of patients than Icagen had expected. Quintiles Transnational, Greenway Capital, QVT, Venrock Associates and Alta Partners all joined in buying stock. The money will be used for research and development.
- see the company's press release
- here's the report on Icagen from LocalTechWire