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news.Icagen, a North Carolina-based biopharmaceutical company, has reported a net loss of $3.27m, or $0.07 per diluted share, for the fourth quarter ended December 2009, a decrease of 16%, compared to $3.88m, or $0.08 per diluted share, for the same period in 2008.
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Revenues totaled $1.4m, as compared to $3m during the same period in 2008, a decrease of 54%. The decrease in revenues was primarily due to a decrease in amortization of the initial upfront payment from Pfizer which became fully amortized during the third quarter of 2009.
For the full year 2009, Icagen has posted a net loss of $12.76m, or $0.27 per diluted share, a decrease of 14%, compared to $14.81m, or $0.32 per diluted share, for the year ago period. Revenues were $9.6m, a decrease of 22%, compared to $12.29m for the year ago period.
Kay Wagoner, CEO of Icagen, said: “We were pleased recently to announce positive proof-of-concept data in epilepsy for ICA-105665, our novel KCNQ agonist. We look forward to determining next steps in the clinical development of this compound.
“We were also pleased to renew our collaboration with Pfizer during the third quarter of 2009 and look forward to continued progress in this program, which focuses on three sodium channel pain targets, including Nav1.7, which both we and Pfizer believe are promising.”