ICAgen Raises $19 Million for Ion Channel Development

ICAgen Inc. (Research Triangle Park, NC) has raised $19 million in a private placement to fund its ion channel drug discovery pipeline and advance its preclinical and clinical development programs. San Francisco-based Alta Partners and Chase Capital Partners led the venture investors. New investors included Swiss-based New Medical Technologies and the Japanese firm Fugijin. ICAgen's existing venture investors, including Venrock Associates, Gutrafin, and Hoegh Invest AS, also made significant investments. In addition, ICAgen received a second equity investment from Abbott Laboratories as a result of the continuation of the companies' 1997 agreement.

"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," commented Alix Marduel of Alta Partners.

"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. We will continue to generate viable therapeutic products for corporate partners and for ICAgen's internal development pipeline," said P. Kay Wagoner, President and CEO of ICAgen. "Within the next 12 to 18 months, we anticipate closing at least two new corporate collaborations and moving our own products through clinical trials."

The potassium channel, a membrane protein, selects for potassium.

Ion channels are cellular proteins that regulate the flow of ions, including calcium, potassium, sodium, and chloride, into and out of cells. Ion channels are present in all human cells and effect nerve transmission, muscle contraction, and cellular secretion. Compounds that increase or decrease the flow of ions by selectively blocking or opening specific channels could aid the treatment of many diseases. Many important drugs, such as lidocaine, glyburide, and nifedipine modulate ion channels.

Potassium channel blockers prevent potassium from entering cells.

Privately-held ICAgen focuses exclusively on ion channel modulation. Last October, the company strengthened its ion channel position by acquiring all the ion channel assets of Axis Pharmaceuticals (South San Francisco, CA). ICAgen also maintains proprietary biological targets, screening methods, and gene family chemical libraries, and has ongoing discovery programs in cardiovascular, central nervous system, gastrointestinal, urinary and immunological disorders. ICAgen has partnerships with Bristol-Myers Squibb, Abbott Laboratories, Rhone-Poulenc Agro, and Incyte Pharmaceuticals. Additionally, ICAgen has ongoing development programs for its own clinical candidates.

For more information: Ezra H. Felker, Director of Corporate Development, ICAgen, Inc., 4222 Emperor Blvd., Suite 460, Research Triangle Park, NC 27514. Tel: 919-941-5206. Fax: 919-941-0813.

By Angelo DePalma