Research Triangle Park, NC — Icagen, Inc. (Nasdaq:ICGN) today announced the completion on February 13, 2008 of a previously announced sale of 5,847,953 shares of common stock to Pfizer Inc at a price of $1.71 per share, which was the closing bid price of the common stock as reported on the Nasdaq Global Market as of 4:00 p.m. Eastern Time on the business day preceding the date of Icagen’s put exercise pursuant to the Purchase Agreement dated August 13, 2007, resulting in gross proceeds to Icagen of approximately $10.0 million. The purchase agreement was completed in conjunction with the formation of a worldwide collaboration and licensing agreement with Pfizer for the discovery, development and commercialization of compounds which modulate three specific sodium ion channels as new potential treatments for pain and related disorders and that was initiated on August 13, 2007. Icagen intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.

Jeff Southerton, Ph.D., Executive Director, Worldwide Business Development, Pfizer, noted “Icagen is a fully integrated ion channel discovery company with skills that complement Pfizer’s sodium channel program. Our collaboration and investment in Icagen highlights our goal to generate safe and efficacious sodium channel modulators to treat the needs of patients with pain and related conditions.”

P. Kay Wagoner, Ph.D., President and CEO of Icagen stated, “The collaboration between Icagen and Pfizer announced in August of 2007 is proceeding extremely well. Pfizer is an outstanding partner, and we view its investment in Icagen as a further validation of Icagen’s strength in the discovery and development of small molecules that modulate ion channel targets for the treatment of a variety of disorders such as pain. We are also pleased to announce the closing of this second investment by Pfizer, which brings our current cash position to approximately $50 million. Given our anticipated burn rate, we believe that the Company has sufficient cash and cash equivalents to drive the continued advancement of our two clinical programs and portfolio of research programs.”

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