Icagen, which recently pulled its lead drug candidate from a Phase III clinical trial, is forming a drug discovery and development panel.
The panel’s mission is to help Icagen develop its portfolio of drug candidates, including possible treatments for Alzheimer’s, sickle cell, epilepsy, neuropathic pain, inflammation and attention deficit disorder.
Icagen (Nasdaq: ICGN) shares were pummeled in the wake of the April 3 announcement to end the drug trial. Shares closed at $1.38 on Monday.
The first two members of the panel are Christopher Cimarusti and Ian Skidmore. Other members will be named in the near future, the company said.
Cimarusti, an author of more than 60 patents in cardiovascular, steroid and other research, worked for more than 35 years at Squibb and Bristol-Myers Squibb in several different management roles.
Skidmore, a longtime veteran at Glaxo, led several project teams at that company for some 30 years. He is a joint holder of patents related to asthma treatments.
“We anticipate that this group will be actively involved in the ongoing evaluation, analysis and decision-making with regard to all of our drug discovery and development programs and will bring a valuable new perspective to our research and development efforts,” said Mark Suto, Icagen’s vice president of chemistry.
Icagen’s lead drug was being tested as a treatment for sickle cell disease.
The company did close recently on $22 million through a stock offering.