This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Icagen Reports Third Quarter 2009 Financial Results and Operational Highlights 2009-11-05 08:15 ET - News Release RESEARCH TRIANGLE PARK, N.C., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Icagen, Inc. (Nasdaq:ICGN) reported today its financial results and operational highlights for the third quarter ended September 30, 2009. For the third quarter of 2009, the Company reported revenues of $2.2 million and a net loss of $3.5 million. As of September 30, 2009, the Company's cash and cash equivalents totaled $21.1 million.
"We are pleased with our progress with ICA-105665 in epilepsy and pain, as well as with our collaboration with Pfizer," noted P. Kay Wagoner, Ph.D., CEO of Icagen. "As recently reported, we have initiated Phase IIa proof-of-concept studies in both epilepsy and pain. We expect that these studies will provide information that can be used to shape our longer-term development plans for this novel compound. We are also very pleased to have recently renewed our collaboration with Pfizer for an additional year."
Dr. Wagoner continued, "Recently reported results from our two asthma proof-of-concept studies were mixed. While we continue to review our data and discuss all facets of senicapoc's effects with our advisors, we will not be able to support additional clinical trials in asthma. Finally, we continue to implement a number of cost reduction initiatives in an effort to conserve capital."
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