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