BOSTON (Thomson Financial) - Icagen Inc. Wednesday said it plans to exercise
its put option under the purchase agreement with Pfizer Inc. for the private
placement of about $10 million of Icagen common stock.
Icagen said 5.85 million common shares will be sold to Pfizer for $1.71 a
share. Icagen intends to use the net proceeds from the private placement to fund
its research and development programs and for general corporate purposes.
The purchase agreement was completed in conjunction with the previously
reported formation of a collaboration between Icagen and Pfizer.
Shares of Icagen rose 14% to $1.72 in premarket trading.
Casey Logan
cl/jw
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