June 9, 2009 (FinancialWire) — Icagen, Inc. (NASDAQ: ICGN) has retained J.P. Morgan to provide advice and assistance on a range of possible transactions, including the formation of one or more collaborations or the potential acquisition of the company.

Icagen has not determined whether to pursue any particular strategic alternative, and, given market conditions and discussions with third parties to date, expects that the process may extend over the next two quarters and possibly longer. Icagen does not expect to provide any updates until the process or any strategic transaction has concluded. There can be no assurance that, if any transaction is commenced, it will be completed or as to the value that any such transaction might have for Icagen’s stockholders.

The company currently maintains worldwide rights to both of its lead programs - senicapoc for asthma and ICA-105665 for epilepsy and neuropathic pain. The lead compounds in these programs are novel small molecule drug candidates aimed at markets with significant commercial potential for which Icagen holds composition of matter patents. In addition to the company’s clinical programs, Icagen also currently maintains worldwide rights to its research programs focused on TRP-A1, T-type calcium channels and I-CRAC, ion channel targets for pain and inflammation. Icagen continues to collaborate with Pfizer in its sodium channel program for pain.

Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets.

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