Icagen Provides Update on Atrial Fibrillation Program.

RESEARCH TRIANGLE PARK, N.C. -- Icagen, Inc. (NASDAQ: ICGN) today provided an update on the Company's atrial fibrillation program, currently in Phase I clinical trials in collaboration with Bristol-Myers Squibb Company (NYSE:BMY). As previously reported, Bristol-Myers Squibb has been conducting the clinical development of this program. Most recently this clinical development has included a Phase I proof-of-concept study, which was initiated in 2004. As a result of slow enrollment into this proof-of-concept study, Bristol-Myers Squibb has decided to discontinue this specific clinical trial. Bristol-Myers Squibb is currently considering alternative trial designs.

"We continue to believe that targeting a particular potassium ion channel that is selectively expressed in human atrial myocytes, but not in human ventricular myocytes, offers a promising approach to the treatment of atrial fibrillation that may have a more favorable side effect profile, particularly with regard to the potential for ventricular arrhythmias, compared to currently available agents," stated P. Kay Wagoner, Ph.D., President and CEO of Icagen. "While we are disappointed that enrollment in this proof-of-concept study was difficult, we are pleased that Bristol-Myers Squibb is considering alternative trial designs."

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:

--ICA-17043 for sickle cell disease, for which the Company is conducting a pivotal Phase III clinical trial;

--a compound for atrial fibrillation, which is being developed by the Company's collaborator Bristol-Myers Squibb Company and for which an initial Phase I safety study has been completed;

--lead compounds for epilepsy and neuropathic pain, for which the Company is conducting preclinical studies; and

--a compound for dementia, including Alzheimer's disease, which is being developed by the Company's collaborator Astellas Pharma, Inc., formerly Yamanouchi Pharmaceutical Co., Ltd., and is undergoing advanced preclinical testing.

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 "Certain Factors That May Affect Future Results" in the Company's most recent Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 7, 2005. These risk factors include risks as to whether Bristol-Myers Squibb Company will proceed with an alternative trial design in connection with the Company's atrial fibrillation program, 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 ICA-17043, 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; the Company's history of net losses and how long the Company will be able to operate on its existing capital resources; 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.