Local News

Earnings: Losses Increase At Icagen

Posted November 13, 2006 9:21 a.m. EST

— Losses for drug developer

Icagen

(NASDAQ: ICGN) surged to $5.5 million in the third quarter, a 14 percent increase over the same quarter in 2005, the company said Monday.

Icagen shares traded at 75 cents in afternoon trading, unchanged from their opening number.

Icagen has received a warning from the NASDAQ exchange that it will be delisted if it can’t lift its stock price back above $1. Icagen shares fell below $1 in September following a negative report from an independent study group about its lead drug candidate, which is intended to be a treatment for sickle cell anemia.

Revenues in the third quarter dropped to $2.2 million from $2.3 million one year ago. Expenses, meanwhile, increased to $8 million from $7.5 million in 2005.