North Carolina biopharmaceutical company Icagen (NASDAQ:ICGN) has promoted executive Douglas Krafte to the newly created position of chief scientific officer.
Krafte has been vice president of biology and scientific affairs at the Durham, North Carolina-based company and has held various leadership positions since joining in 1999. Icagen said that in his new role, Krafte will oversee R&D of new drug targets and new chemical leads. He will also oversee Icagen’s current research projects.
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Icagen is collaborating with Pfizer (NYSE:PFE) to develop drug candidates to treat pain. Icagen’s compounds effect ion channels, which are protein structures found in the cells of the human body. A one-year development agreement with Pfizer was extended last September. The deal calls for Pfizer to commit $5 million to Icagen through the end of 2011 and pay for R&D on prospective new pain drugs.
If a successful drug develops from the collaboration, the agreement grants Pfizer exclusive worldwide rights to commercialize it. Icagen would be eligible to receive nearly $360 million in R&D, regulatory and commercialization milestones. An early stage trial on a pain drug candidate has already started. The company is also studying an epilepsy drug candidate in another trial.
Krafte’s experience includes scientific leadership positions at Aurora Biosciences, Sterling-Winthrop and Boehringer Ingelheim. Krafte is currently a member of the Society for Neuroscience and the International Association for the Study of Pain.
“I am excited about the progress of our existing programs, including our collaboration with Pfizer, and look forward to working with my colleagues to continue to advance all of our research programs and contribute to the success of the company,” Krafte said in a prepared statement.
