Icagen Announces Presentations Related to Senicapoc at the 2006 Annual Meeting of the American Society of Hematology

Icagen, Inc. (NASDAQ: ICGN) today announced that materials related to its clinical development program of senicapoc, a novel inhibitor of the Gardos ion channel, for the treatment of sickle cell disease were recently presented at the 2006 annual meeting of the American Society of Hematology in Orlando, Florida. Data related to the Company's open label extension study to the Phase II study were reviewed in an oral presentation by Paul Swerdlow, M.D., Interim Chief, Department of Hematology and Oncology, Wayne State University School of Medicine. As previously reported, senicapoc was generally well tolerated during the 48-week treatment period of the open label extension study, with no drug-related serious adverse events. In addition, the pattern of beneficial hematologic effects of senicapoc observed during the Phase II study were maintained during the open label study. In addition, an abstract was presented in poster form related to the use of transcranial doppler and chronic transfusion therapy for stroke prevention in pediatric sickle cell disease patients. This poster summarized the results of a survey of current treatment practices at twenty-five sickle cell disease centers caring for pediatric patients. The details of these presentations are as noted below: Abstract #685 - A 48-Week Open-Label Study of Senicapoc (ICA-17043), a Gardos Channel Blocker, in Patients with Sickle Cell Disease Abstract #1214 - Variations in the Use of Transcranial Doppler and Chronic Transfusion Therapy for Stroke Prevention in Pediatric Populations at Sickle Cell Centers About Senicapoc Senicapoc is a novel small molecule ion channel inhibitor under development for the chronic prophylactic treatment of sickle cell disease. This novel drug candidate is taken orally and is being developed for once-a-day dosing. Senicapoc has received both fast track designation and orphan drug designation from the U.S. Food and Drug Administration. Senicapoc targets a particular potassium channel, called the Gardos channel, that is located on the membrane of red blood cells. In collaboration with the McNeil Pediatrics Division of McNeil-PPC, Inc., Icagen is currently conducting a Phase III clinical trial of senicapoc, the ASSERT Study, at approximately 65 sites across the U.S. and in selected other countries. About Sickle Cell Disease Sickle cell disease is a chronic and debilitating genetic blood disorder, primarily affecting individuals of African descent, resulting in a variety of disease complications and a significantly shortened lifespan in the majority of patients. Sickle cell disease is the most common genetic disease among individuals of African descent and is prevalent worldwide. Based upon market research conducted on behalf of the Company, there are approximately 120,000 patients with sickle cell disease in the United States. About Icagen Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets. Utilizing its proprietary know-how and integrated scientific and drug development capabilities, Icagen has identified multiple drug candidates that modulate ion channels. The Company’s four most advanced programs are: senicapoc for sickle cell disease, for which the Company is conducting a Phase III clinical trial; lead compounds for epilepsy and neuropathic pain, for which the Company is conducting preclinical studies; a compound for atrial fibrillation, for which the Company’s collaborator Bristol-Myers Squibb Company is conducting preclinical studies; and lead compounds for dementia, including Alzheimer’s disease, for which the Company’s collaborator Astellas Pharma Inc. is conducting preclinical studies, and lead compounds for sleep disorders and/or attention deficit/hyperactivity disorder, which were derived from the collaboration and for which the Company is conducting preclinical studies. Icagen is also conducting ongoing drug discovery programs focused on new therapeutics for pain disorders, inflammatory disorders and glaucoma. Forward Looking Statements This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes,” "anticipates,” "plans,” "expects,” "intends,” and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors” in the Company’s most recent Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission. These risk factors include risks as to the Company's ability to raise additional funding; the Company's ability to maintain compliance with NASDAQ's continued listing requirements; the Company’s history of net losses and how long the Company will be able to operate on its existing capital resources; whether the Company’s products will advance in the clinical trials process; the timing of such clinical trials; whether the results obtained in preliminary studies will be indicative of results obtained in clinical trials; whether the clinical trial results will warrant continued product development; whether and when, if at all, the Company’s products, including senicapoc, will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and if such products receive approval, whether they will be successfully marketed; and the Company’s dependence on third parties, including manufacturers, suppliers and collaborators. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.