By Laura Lutz
Des Moines, Aug. 14 - Icagen, Inc. negotiated a stock purchase agreement with Pfizer for up to $15 million.
The first tranche of the deal, for $5 million, is expected to settle on Aug. 20. It will consist of 2,688,172 common shares at $1.86 each.
Under the agreement, Icagan may sell up to $10 million of additional stock to Pfizer at any time during the next 18 months. The stock will be priced at fair market value at the time of the sale.
The stock placement is part of a collaboration and licensing agreement between Icagen and Pfizer. Under the agreement, also announced on Tuesday, the companies will combine resources to research potential treatments for pain and related disorders.
Icagen is a biopharmaceutical company based in Research Triangle Park, N.C.
| Issuer: | Icagen, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 2,688,172
|
| Price: | $1.86
|
| Warrants: | No
|
| Investor: | Pfizer
|
| Announcement date: | Aug. 14
|
| Settlement date: | Aug. 20
|
| Stock symbol: | Nasdaq: ICGN
|
| Stock price: | $1.92 at close Aug. 13
|
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