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news.Shares in Icagen Inc have increased by almost 10% after the company received a milestone payment from Yamanouchi Pharmaceutical Co, related to the selection of a compound for advanced preclinical studies in dementia, including Alzheimer's disease.
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The milestone payment comes as a result of a collaboration agreement between Icagen and Yamanouchi in dementia, including Alzheimer’s disease, which began in 2000.
“A variety of ion channel targets are expressed in the critical regions of the central nervous system associated with the formation and retention of memories,” explained Dr Doug Krafte, vice president of biology at Icagen.
“We are pleased that in our collaboration with Yamanouchi, which is focused on one particular ion channel target, we have had the opportunity to leverage our ion channel technology platform to identify a potentially novel approach to the treatment of these disorders,” he continued.
“This selection of a compound for advanced preclinical testing marks a milestone and paves the way for future conduct of clinical trials in this important area of unmet medical need,” stated P Kay Wagoner, president and CEO of Icagen.