Icagen is a Durham-based drug development company. In 2018 the company received an $11 million award from the Cystic Fibrosis Foundation to support an integrated, multi-year drug discovery initiative. In 2018 Icagen raised a total of $20.75 million, including a $7.25 million offering reported in a Form D. The $7.25 million financing was comprised of a combination of debt and options with a duration of less than one year and was provided by a single investor. The company disclosed the funds will be used to pay overhead and corporate expenses, including salaries, and paid $307,500 in finders' fees related to the offering. Earlier in 2018 it raised $2.5 million through debt and equity financings — $2.0 million via equity in April and $500,000 via a debt-and-option offering in August. The $20.75 million raised in 2018 far exceeded the $3.5 million the company raised in 2017. Icagen provides research and drug-discovery services and acts as a lead generator for pharmaceutical and biotechnology companies, delivering initial research, development and data on potential drug candidates. The company focuses on neuroscience, ion transfer, transporters, muscle biology and rare-disease targets. Founded in 2003 and based in Durham, Icagen supports partners through early-stage discovery and target work. Management is led by President and CEO Richie Cunningham, who has been with the company since 2015 and has roughly 20 years of biopharmaceutical experience. According to an SEC filing, Icagen raised $2 million in the form of equity and options from one investor. The filing also notes the company still seeks to raise an additional $2 million. Icagen focuses on the discovery, development and commercialization of orally-administered drugs and offers development services to pharmaceutical and biotechnology companies. The company recently sold $1.5 million in shares in a private offering, according to a Form D filed April 27. The offering included debt and option securities with a $500,000 minimum investment and was not intended to last more than a year. Proceeds were said to potentially be used to pay overhead and other corporate expenses, including salaries. The filing listed three outside investors and disclosed sales compensation to Taglich Brothers Inc., which received $60,000 and a warrant to acquire 25,000 common shares. Richard Cunningham, Icagen’s CEO, signed the Form D and the company claimed a Rule 506(b) exemption for the offering.

Total raised

$11M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Sep 2018