RESEARCH TRIANGLE PARK, N.C., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) reported today its financial results and operational highlights for the third quarter ended September 30, 2009. For the third quarter of 2009, the Company reported revenues of $2.2 million and a net loss of $3.5 million. As of September 30, 2009, the Company's cash and cash equivalents totaled $21.1 million.

"We are pleased with our progress with ICA-105665 in epilepsy and pain, as well as with our collaboration with Pfizer," noted P. Kay Wagoner, Ph.D., CEO of Icagen. "As recently reported, we have initiated Phase IIa proof-of-concept studies in both epilepsy and pain. We expect that these studies will provide information that can be used to shape our longer-term development plans for this novel compound. We are also very pleased to have recently renewed our collaboration with Pfizer for an additional year."

Dr. Wagoner continued, "Recently reported results from our two asthma proof-of-concept studies were mixed. While we continue to review our data and discuss all facets of senicapoc's effects with our advisors, we will not be able to support additional clinical trials in asthma. Finally, we continue to implement a number of cost reduction initiatives in an effort to conserve capital."

Pipeline Update

ICA-105665 for Epilepsy and Pain: During the third quarter, the Company initiated two proof-of-concept studies of ICA-105665, the Company's novel orally available small molecule KCNQ potassium channel agonist. The first of these studies is focused on patients with photosensitive epilepsy, and the second is a pain study in healthy volunteers.

The photosensitive epilepsy study was designed with international experts including members of the Epilepsy Study Consortium and will be conducted at up to four clinical research centers in the United States with specialized expertise in the conduct of this study. Eligible subjects are those patients with demonstrated epileptiform activity by electroencephalogram (EEG) in response to photic stimulation and represent a small subset of all patients with epilepsy. The study measures the ability of ICA-105665 to reduce the photic-induced epileptiform EEG responses, with the response observed in each cohort used to determine the subsequent dose for the next cohort. Initial results from this study are expected during the first half of 2010.

In addition, the Company recently initiated a proof-of-concept study in pain. This randomized, double-blind, placebo-controlled study employs a cross-over design in order to assess the ability of ICA-105665 to decrease the sensation of pain in response to the injection of a small amount of capsaicin under the skin and to a simulated sunburn. Approximately twenty-four healthy volunteers are expected to be enrolled in the study, which is being conducted at a single clinical research site in the United Kingdom. Initial results from this study are also expected during the first half of 2010.

Senicapoc for Asthma: In September 2009, the Company reported top line results of a Phase IIa proof-of-concept study of senicapoc in allergic asthma. In this study, senicapoc demonstrated a modest reduction in the late asthmatic response (LAR) to a challenge of inhaled allergen. In October 2009, the Company reported top line results of a Phase IIa proof-of-concept study of senicapoc in exercise-induced asthma. In this study, senicapoc failed to demonstrate an effect on the primary study endpoints. The Company is completing the analysis of both data sets from these two proof-of-concept studies, but does not plan to pursue the further clinical development of senicapoc for asthma.

Research Programs: The Company recently announced an extension of its collaboration with Pfizer through September 2010. The collaboration continues to focus on the identification of novel compounds targeting specific sodium channels for the treatment of pain. In addition, the Company has ongoing research efforts directed at several other ion channel targets focused primarily on pain and inflammatory disorders.

Financial Results

Revenues for the third quarter of 2009 totaled $2.2 million, as compared to $3.1 million during the same period in 2008, a decrease of 29%. The decrease in revenues for the third quarter of 2009, as compared to the same period in 2008, was due primarily to a decrease in amortization of the initial upfront payment from Pfizer which became fully amortized during the third quarter of 2009.

Operating expenses for the third quarter of 2009 were $5.7 million, as compared to $6.9 million during the same period in 2008, a decrease of 17%.