Icagen Raises $19m

BT Catalyst,  Dec, 1999  

• E-mail
• Print
• Link

ICAgen Inc. of Research Triangle Park will begin the new millenium with more than $19 million raised through various investors and an agreement with Abbott Laboratories of Lake County, Ill.

Proceeds from the financing will provide capital for the drug-discovery company to expand its ion channel pipeline and advance its preclinical and clinical development programs.

"We are very pleased with the results of the financing, as we have worked hard to position ICAgen as the premier ion channel drug discovery company," said P. Kay Wagoner, Ph.D., president and CEO of ICAgen. "We will continue to generate viable therapeutic products for corporate partners and for ICAgen's internal development pipeline."

San Francisco-based Alta Partners and Chase Capital Partners led the venture round, which included both new and old investors. ICAgen also received a second equity investment from Abbott Laboratories for the continuation of the companies' agreement of 1997.

"We have followed the progress of ICAgen for several years and remain very impressed with their scientific and business achievements, and management's ability to deliver on its objectives," said Dr. Alix Marduel of Alta Partners.

Within the next 12 to 18 months, Wagoner said ICAgen anticipates closing on at least two new corporate collaborations and moving various products through clinical trials.

"We appreciate the enthusiastic support of the venture community and are excited about our future," she said.

COPYRIGHT 1999 North Carolina Biotechnology Center
COPYRIGHT 2008 Gale, Cengage Learning