Updated January 30, 2007
RESEARCH TRIANGLE PARK, N.C. – Investors are showing faith in pharmaceutical firm Icagen, agreeing to buy $22 million in stock in the company.
Icagen was rocked last August when it disclosed troubles with one of its most promising drugs – a proposed treatment for sickle cell disease.
Its stock (NASDAQ: IGCN) lost more than halt its value in one day of trading on Aug. 3, and its price dipped below $1 long enough that NASDAQ threatened the firm with delisting.
Monday's announcement triggered a 5 percent, or 7 cents, increase in Icagen shares, which closed at $1.43.
Icagen regained NASDAQ compliance earlier this month, and its stock has been trading around $1.40.
On Monday morning before the markets opened, Icagen said a mixture of new and existing investors participated in a private placement of 15.4 million shares of common stock. The investors also received warrants to purchase an additional 5.4 million shares.
The average price for the shares in $1.42, and gross proceeds to Icagen would be $22 million, the company said in its announcement.
Investors include an affiliate of Durham-based Quintiles Transnational plus Greenway Capital, QVT, Venrock Associates and Alta Partners.
Proceeds will be used for research and development as well as general corporate purposes, Icagen said.
The company is developing a number of different drugs for pain treatment, epilepsy, memory disorders and other diseases and conditions.
On Jan. 10, Icagen reported progress in developing potential chronic pain treatments.Copyright 2012 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Icagen Is Raising $22M through Stock Placement
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Icagen was rocked last August when it disclosed troubles with one of its most promising drugs – a proposed treatment for sickle cell disease.
Its stock (NASDAQ: IGCN) lost more than halt its value in one day of trading on Aug. 3, and its price dipped below $1 long enough that NASDAQ threatened the firm with delisting.
Monday's announcement triggered a 5 percent, or 7 cents, increase in Icagen shares, which closed at $1.43.
Icagen regained NASDAQ compliance earlier this month, and its stock has been trading around $1.40.
On Monday morning before the markets opened, Icagen said a mixture of new and existing investors participated in a private placement of 15.4 million shares of common stock. The investors also received warrants to purchase an additional 5.4 million shares.
The average price for the shares in $1.42, and gross proceeds to Icagen would be $22 million, the company said in its announcement.
Investors include an affiliate of Durham-based Quintiles Transnational plus Greenway Capital, QVT, Venrock Associates and Alta Partners.
Proceeds will be used for research and development as well as general corporate purposes, Icagen said.
The company is developing a number of different drugs for pain treatment, epilepsy, memory disorders and other diseases and conditions.
On Jan. 10, Icagen reported progress in developing potential chronic pain treatments.Copyright 2012 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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