A Pfizer milestone payment of $1 million in the fourth quarter helped boost Icagen’s revenue to $2.3 million, up 64 percent from $1.4 million a year ago, according to financial results released Monday.
Durham, North Carolina-based Icagen (NASDAQ:ICGN) is collaborating with Pfizer (NYSE:PFE) to develop drugs to treat pain. Icagen’s compounds affect ion channels, which are protein structures found in the cells of the human body. With drug candidates still in development, the Pfizer milestone payments comprise Icagen’s only revenue. Icagen narrowed its fourth-quarter loss to $724,000 from a loss of more than $3.2 million in the fourth quarter of 2009. Through the end of 2010, the company had $12 million in cash and cash equivalents.
Icagen’s partnership agreement with Pfizer was to expire last year. But in September, the companies reached an extension, committing $5 million to the company through the end of 2011 as the companies continue to work on pain treatments. The agreement is a vote of confidence in Icagen’s work; Pfizer is footing the bill for the collaboration, paying for research at both companies as well as clinical development costs. Under the agreement, Pfizer will have exclusive worldwide rights to commercialize prodcuts resulting from the collaboration. Icagen is eligible to receive nearly $360 million in R&D, regulatory and commercialization milestones.
Icagen has started a phase I trial on one candidate targeting pain. It is also preparing for a phase II trial of a compound targeting epilepsy in pain. The compound, called ICA-105665, was placed under a clinical hold by the U.S. Food and Drug Administration last September due to safety concerns, forcing Icagen to suspend enrollment in clinical trials. The FDA in February removed the hold, allowing Icagen to resume clinical study of the compound.
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- Icagen’s epilepsy drug study gets FDA OK to resume (medcitynews.com)
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