Icagen (ICGN) Retains J.P. Morgan to Review Strategic Alternatives
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Icagen, Inc. (Nasdaq: ICGN) has retained J.P. Morgan (NYSE: JPM) to provide advice and assistance on a range of possible transactions, including the formation of one or more collaborations or the potential acquisition of the Company.
Icagen has not determined whether to pursue any particular strategic alternative, and, given market conditions and discussions with third parties to date, expects that the process may extend over the next two quarters and possibly longer. Icagen does not expect to provide any updates until the process or any strategic transaction has concluded. There can be no assurance that, if any transaction is commenced, it will be completed or as to the value that any such transaction might have for Icagen's stockholders.
The Company currently maintains worldwide rights to both of its lead programs - senicapoc for asthma and ICA-105665 for epilepsy and neuropathic pain.
Charles A. Sanders, M.D., Chairman of the Board of Directors, stated, "The Icagen Board of Directors believes that the value inherent in the Company's clinical and research-stage programs, as well as in the Company's core ion channel technology platform, is not currently reflected in Icagen's stock price. We remain committed to taking the appropriate measures to build value for our shareholders, and are pleased to have J.P. Morgan assist us in this process."
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. [SM]
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