Pfizer is investing up to $15 million in Icagen as part of a collaboration and licensing agreement covering potential pain meds. The companies will jointly develop drugs that target three sodium ion channels that mediate the nervous system's pain signals. Pfizer is on the hook for all development costs, but it gets exclusive rights to commercialize any products that arise. The deal sent Icagen shares soaring by more than 69 percent to $3.25, in early trading.
- see the release [1]
- here's the report [2] from the Triangle Business Journal
Related Articles:
Troubled Pfizer blueprints biotech venture effort. Report [3]
What's next for Pfizer? Report [4]
WSJ: Pfizer looks at restructuring R&D, new cuts. Report [5]
Troubled Icagen gains $22M in financing. Report [6]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-icagen-says-enters-alliance-pfizer
[2] http://www.bizjournals.com/triangle/stories/2007/08/13/daily9.html?jst=b_ln_hl
[3] http://www.fiercebiotech.com/story/troubled-pfizer-blueprints-biotech-venture-effort/2007-08-02
[4] http://www.fiercebiotech.com/story/what-s-next-for-pfizer/2006-12-05
[5] http://www.fiercebiotech.com/story/wsj-pfizer-looks-at-restructuring-rd-new-cuts/2007-01-16
[6] http://www.fiercebiotech.com/story/troubled-icagen-gains-22m-in-financing/2007-01-29