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news.Icagen has completed sale of 5.85 million shares of common stock to Pfizer at a price of $1.71 per share, which was the closing bid price of the common stock, resulting in gross proceeds to Icagen of approximately $10 million.
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The purchase agreement was completed in conjunction with the formation of a worldwide collaboration and licensing agreement with Pfizer for the discovery, development and commercialization of compounds which modulate three specific sodium ion channels as new potential treatments for pain and related disorders. Icagen intends to use the net proceeds from this private placement to fund its R&D programs and otherwise for general corporate purposes.
Jeff Southerton, executive director, worldwide business development, Pfizer, said: “Our collaboration and investment in Icagen highlights our goal to generate safe and efficacious sodium channel modulators to treat the needs of patients with pain and related conditions.”