Icagen Receives Milestone Payment From Yamanouchi Pharmaceutical
Co., Ltd.
RESEARCH TRIANGLE PARK, N.C., March 15 /PRNewswire-FirstCall/ -- Icagen, Inc. (NASDAQ:ICGN) today announced that it has received a milestone payment from
Yamanouchi Pharmaceutical Co., Ltd. ("Yamanouchi") related to the selection of
a compound for advanced preclinical studies as a result of the collaboration
between the two companies in dementia, including Alzheimer's disease.
"A variety of ion channel targets are expressed in the critical regions of the
central nervous system associated with the formation and retention of
memories," said Doug Krafte, Ph.D., Vice President, Biology of Icagen. "We are
pleased that in our collaboration with Yamanouchi, which is focused on one
particular ion channel target, we have had the opportunity to leverage our ion
channel technology platform to identify a potentially novel approach to the
treatment of these disorders." "Icagen is pleased that compounds provided by our collaboration with Yamanouchi
may have potential in the treatment of dementia, including Alzheimer's
disease," stated P. Kay Wagoner, President and CEO of Icagen. "This selection
of a compound for advanced preclinical testing marks a milestone and paves the
way for future conduct of clinical trials in this important area of unmet
medical need." The Icagen/Yamanouchi collaboration in dementia, including Alzheimer's disease,
which began in 2000, provided for an initial upfront payment, research funding
and milestone payments to Icagen in return for worldwide rights to lead
compounds generated for the treatment of these disorders. Additionally,
Yamanouchi supports clinical development and Icagen will receive royalties from
the sale of any products generated by the collaboration.
About Dementia, including Alzheimer's Disease Dementia, including Alzheimer's disease, represents an area of significant
unmet medical need. According to the Alzheimer's Association, there are
approximately 4.5 million Alzheimer's disease patients in the United States. According to Harrison's Principles of Internal Medicine, approximately 10% of
all people over the age of 70 have significant memory loss; in more than half
the cause is Alzheimer's disease. The total cost to the healthcare system of
Alzheimer's disease is estimated at more than $100 billion per year in the
United States, according to the Alzheimer's Association. Despite their limited
efficacy, the market for drugs used in the treatment of Alzheimer's disease is
significant, with estimated sales exceeding $1.1 billion in the United States
during 2003, according to IMS Health. Benign senile dementia represents another
substantial market opportunity, with no drugs currently approved for this
disorder.
About Icagen Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park,
North Carolina, focused on the discovery, development and commercialization of
novel orally-administered small molecule drugs that modulate ion channel
targets. Utilizing its proprietary know-how and integrated scientific and drug
development capabilities, Icagen has identified multiple drug candidates that
modulate ion channels. The Company's four most advanced programs are: -- ICA-17043 for sickle cell disease, for which the Company is conducting
a pivotal Phase III clinical trial;
-- ICA-69673 for epilepsy and neuropathic pain, for which the Company is
conducting Phase I clinical trials;
-- a compound for atrial fibrillation, which is being developed by the
Company's collaborator Bristol-Myers Squibb Company and is in Phase I
clinical trials; and
-- a compound for dementia, including Alzheimer's disease, which is being
developed by the Company's collaborator Yamanouchi Pharmaceutical Co.,
Ltd. and is undergoing advanced preclinical testing.
Icagen is also conducting ongoing drug discovery programs focused on new
therapeutics for pain disorders, inflammatory disorders and glaucoma. DATASOURCE: Icagen, Inc.
CONTACT: Richard D. Katz, M.D., SVP, Finance and Corporate Development; Chief Financial Officer, Icagen, Inc., +1-919-941-5206, ; or Thomas Smith, Ogilvy PR Worldwide, +1-212-880-5269, or
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