DURHAM – Icagen Inc., a pharmaceutical development company, has raised $2 million, according to a filing with the Securities and Exchange Commission.
The money was raised in the form of equity and options from one investor, according to the filing. The company still has $2 million left to raise.
Icagen provides research and drug discovery and development services to pharmaceutical and biotechnology services.
Founded in 2003, the company provides research in neuroscience, ion transfer, transporter, muscle biology and rare disease targets, among other areas.
The Durham-based company acts a lead generator to pharmaceutical and biotechnology companies for potential drug candidates and provides initial research, development and data.
[Icagen has been located in Durham since its founding in 1992. Formerly a small publicly traded company developing drugs to treat epilepsy and sickle-cell disease, among others, Icagen was purchased by Pfizer in 2011.
[The new subsidiary continued operations at its Durham site under the Pfizer brand until it was purchased in July 2015 by Cambridge, Massachusetts drug developer XRpro Sciences. XRpro then changed its own name — to Icagen. And it still has drug development agreements with Pfizer.
[Pfizer bought Icagen for some $56 million.]
Icagen is led by President and Chief Executive Officer Richie Cunningham, who has worked for 20 years in the biopharmaceutical industry.
Cunningham has been with the company since 2015. Prior to Icagen, he was the president and chief executive officer of XRPro Sciences.
He received a B.S. in business administration and marketing from University of Louisiana in 1994.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
