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Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Shares in drug development firm Icagen (Nasdaq: ICGN) soared as much as 65 percent Tuesday after the company reporting positive test data for a proposed asthma drug.

On Wednesday, Icagen gave up much of its gains but then rebounded in pre-market trading Thursday to $1.44, up 18 cents.

shares closed at $1.43 Tuesday, up 47 cents or 49 percent for the day.

"We are pleased with the results of this study, and believe that they justify further evaluation of senicapoc as a novel approach to the treatment of asthma," said Seth Hetherington, Icagen’s senior vice president of clinical and regulatory affairs.

Senicapoc is administered orally.

Last month, Icagen reported that the Food and Drug Administration had lifted a hold on its development of an epilepsy drug.

Icagen can now begin a Phase II clinical trial in patients with epilepsy. It expects to have results from the test by the middle of 2010.

The Epilepsy Study Commission helped design the study for the trial.