Icagen gains $10M in equity sale to Pfizer

Icagen has triggered an option to sell $10 million worth of stock to Pfizer. That's on top of the $5 million investment Pfizer made in Icagen last summer. Pfizer gets 5.85 million shares in the Research Triangle Park-based biotech in the current option for $1.71 each. Much of the money will go to back Icagen's R&D work. Last August the two companies signed a development pact covering compounds which modulate three specific sodium ion channels as new potential treatments for pain and related disorders. The $15 million equity investment is part of $38 million in committed investments over the first two years of the agreement.

- see this release
- here's the report from the Triangle Business Journal

Suggested Articles

Anthony Coyle, Ph.D., has signed up to run Repertoire Immune Medicines’ R&D.

The IPO haul will set Kronos up to start a registrational phase 2/3 trial of a first-line AML drug licensed from Bischofberger's former employer.

Blueprint Medicines reported promising data from a preclinical study of a drug to target three common resistant mutations in EGFR-mutated NSCLC.