Icagen Reports Presentations at Annual Society for Neuroscience Meeting.

RESEARCH TRIANGLE PARK, N.C. -- Icagen, Inc. (NASDAQ: ICGN) today announced that data related to two of its preclinical programs were recently presented at the Neuroscience 2006 Meeting sponsored by the Society for Neuroscience ("SFN") in Atlanta, Georgia.

As part of a mini-symposium entitled "Functionally Diverse Ion Channels Play Pivotal Roles in the Pathobiology of Chronic Pain," Aaron Gerlach, Ph.D. from Icagen presented data showing the progress the company has made in identifying selective openers of KCNQ channels. Dr. Gerlach noted, "Mutations in KCNQ channels have been linked to epilepsy in man, and Icagen's compounds exhibit broad-spectrum antiepileptic activity in preclinical models. Moreover, we have recently been able to demonstrate that our compounds dampen excitability of peripheral neurons involved in pain signaling pathways. We believe compounds that selectively open KCNQ channels have the potential to be therapeutically useful and fill an unmet medical need in the treatment of both epilepsy as well as various types of pain. We currently have compounds in preclinical development."

In addition, data were also presented in collaboration with colleagues from Abbott Laboratories on selective blockers of Nav1.8, a sodium channel that is expressed in the peripheral nervous system and thought to play a key role in pain signaling. The data presented by Joshi et. al. present the first report of a subtype selective Nav1.8 blocker and show that this compound reduces pain in a variety of preclinical models while having no effects on motor performance. "Sodium channel blockers have been used to treat pain in man for many years," said Douglas Krafte, Ph.D., VP Biology and Pharmacology at Icagen. "As part of Icagen's broad pain program, we have worked with our colleagues at Abbott to identify compounds which selectively inhibit one subtype of voltage-gated sodium channel, Nav1.8. By blocking only one subtype of these channels it may be possible to identify compounds which are efficacious in pain, but have far fewer side effects than existing therapies."

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 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 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 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; the Company's ability to maintain compliance with NASDAQ's continued listing requirements; 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.