Icagen filed plans to lift up to $25 million on Wall Street, income that would accelerate the Durham drug-development companys shrinking income reserves.
The publicly traded association filed plans with the Securities and Exchange Commission on Friday afternoon to sell one more usual stock, elite stock, debt bonds or warrants. The supposed shelf filing allows Icagen to lift income from time to time as the needed.
Officials with Icagen, that lost $12.8 million last year and has seen multiform initial drug run in to regulatory roadblocks, pronounced last month they were deliberation assorted options for raising one more funding. The association had $18.1 million of income on palm as of Dec. 31.
Executives additionally have hired investment bank J.P. Morgan to support in anticipating partners or a association that would be meddlesome in an acquisition.
Any new income lifted will be used to compensate for one more clinical trials, investigate losses and alternative ubiquitous purposes, Icagen wrote in the SEC filing.
Icagen continues to exam a diagnosis for photosensitive epilepsy. Its additionally building multiform initial suffering medicines with partner and financier Pfizer.
Icagen shares began traffic publicly in Feb. 2005 at $8 each, but has depressed neatly as the companys drug have unsuccessful to stir investors. The shares sealed Friday at 71 cents.
Icagen has warned that the shares face delisting from the Nasdaq if they dont traffic on top of $1 by May 11.
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