Pfizer extends drug development agreement with Durham-based Icagen
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DURHMA, N.C. - Icagen (Nasdaq: ICGN) will continue development of a potential new pain reliever in partnership with Pfizer under a one-year contract extension.
The companies are exploring and developing compounds that utilize sodium ion channels.
Pfizer will commit another $5 million in funding to Icagen. The companies have already been working together for two years. The revised contract also includes formation of a joint research committee.
The sodium channels are part of electrical signals in nerve fibers.
If the partnership produces approved products, Icagen could receive as much as $359 million for achieving development, regulatory and commercialization milestones for each product. Icagen also would receive royalties.
"We have made substantial progress over the first two years of our collaboration and look forward to working with Icagen in the upcoming year in seeking to identify drug candidates from these targeted programs,” said Gillian Burgess, chief scientific officer of Pfizer’s Pain Research Unit, in a statement.
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