This Collaboration Agreement involves
Title: ICAGEN ANNOUNCES SECOND RENEWAL OF PFIZER COLLABORATION
Industry: Biotechnology and Drugs Sector: Healthcare
Richard D. Katz, M.D.
EVP, Finance and Corporate Development;
Chief Financial Officer
ICAGEN ANNOUNCES SECOND
RENEWAL OF PFIZER COLLABORATION
RESEARCH TRIANGLE PARK, NC, September 23, 2010 – Icagen, Inc. (NASDAQ: ICGND) today announced an additional extension through December 2011 to an existing worldwide collaboration and licensing agreement with Pfizer aimed at discovering, developing and commercializing compounds that modify three specific sodium ion channels as new potential treatments for pain and related disorders.
For the past three years, Icagen and Pfizer have partnered to identify compounds that target three specific sodium ion channels in a global research and development collaboration overseen by a joint research committee. These sodium channels are important in the generation of electrical signals in nerve fibers that mediate the initiation, transmission and sensation of pain. By selectively targeting these ion channels, the companies seek to develop effective treatments for serious pain disorders.
During the extension period, Pfizer will continue to fund all aspects of the collaboration including research efforts at both companies and all clinical development costs. Pfizer also will continue to have exclusive worldwide rights to commercialize products resulting from the collaboration. Under the terms of the extended agreement, Pfizer will provide approximately $5 million in committed funding to Icagen through December 2011. Additionally, Icagen remains eligible to receive approximately $359 million upon achievement of specified research, development, regulatory and commercialization milestones for each product. Icagen is also eligible to receive tiered royalties, against which the commercialization milestones are creditable, based upon product sales.
“We are very pleased to announce this extension of our collaboration with Pfizer,” noted P. Kay Wagoner, Ph.D., President and CEO of Icagen. “The collaboration has made substantial progress, as highlighted by the recent initiation of clinical studies with compounds directed against Nav1.7. In addition, we continue to make progress in identifying additional compounds targeting the sodium channels that form the basis for the collaboration. Pfizer has brought tremendous resources to bear upon this program, and we are delighted to work with such an extraordinary group of scientists as we pursue this very exciting avenue of research.”
Gillian Burgess, Ph.D., Chief Scientific Of