Navigation Links
Xmark Requests That Icagen Oust Its CEO and Pursue Strategic Alternatives, and Calls on Board Members to Resign
Date:4/1/2009

RIDGEFIELD, Conn., April 1 /PRNewswire/ -- On April 1, 2009, Xmark Opportunity Partners, LLC, the sole member of the investment manager of Xmark Opportunity Fund, L.P. and Xmark Opportunity Fund, Ltd., sent the following letter to the Board of Directors of Icagen, Inc. (Nasdaq: ICGN).

                            XMARK OPPORTUNITY PARTNERS, LLC
                                    90 Grove Street
                                       Suite 201
                             Ridgefield, Connecticut 06877

                                                               April 1, 2009
    VIA E-MAIL
    Board of Directors
    Icagen, Inc.
    4222 Emperor Boulevard
    Suite 350
    Durham, NC  27703

Lady and Gentlemen:

There are four words that no one ever wants to say: I told you so. For almost a year, we have been telling you to pursue strategic alternatives; we told you so when Icagen had a higher stock price, more cash and a cleaner profile for its compounds. We have been telling you so as the markets have fallen further and further, and as the company's cash on hand has fallen concomitantly.

We believe that the management team and the Board of Directors have failed miserably and repeatedly. In an era where stalwart companies such as General Motors, Citigroup and Lehman Brothers have had high-level management turnover due to the failure of their respective management teams, in our opinion, there is absolutely no reason why Icagen should not follow suit.

Accordingly, we call on the Board to immediately (a) initiate a public search for a replacement Chief Executive Officer, (b) hire an investment banker to evaluate and pursue strategic alternatives so that the company's shareholders are not left holding a "zero" in the near to mid-term, and (c) remove the recently-adopted poison pill.

Once both a new chief executive and a process are in place, Board members Dr. Charles A. Sanders, Lead Director of Genentech, Inc., and Anthony B. Evnin, Managing General Partner of Venrock Associates, should resign, as they have been front and center in our dialogue with the company, and have ignored our sound advice.

Respectfully submitted,

XMARK OPPORTUNITY PARTNERS, LLC

About the Xmark Funds

The Xmark Funds are dedicated to making investments in publicly-traded, small-cap life sciences companies and seek to achieve substantial capital appreciation by investing directly in public life sciences companies trading at venture-level valuations. The Xmark Funds conduct extensive fundamental due diligence and tailor their investments to the risk/reward profile of each target.

The team's investment professionals have worked together since founding the investment manager in 2001. The investment team includes life sciences professionals with extensive experience and expertise in clinical research, business development, medical practice, hospital and physician practice management, asset management and law.


'/>"/>
SOURCE Xmark Opportunity Partners, LLC
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Biotechnology Value Fund, L.P. Requests Avigen Board to Provide Critical Information to Stockholders
2. deCODE Requests Hearing With Nasdaq Following Receipt of Staff Determination Letter
3. CryoCor Requests International Trade Commission Investigation Into CryoCath for Patent Infringement
4. Sinovac Requests Extension for Annual Shareholders Meeting
5. Cochlear Americas Provides Support for Cochlear Implant Recipients to Pursue Higher Education
6. XTENT to Retain Investment Bank to Pursue Strategic Alternatives
7. Oncolytics Biotech Inc. Announces Decision to Pursue Phase II/III Pivotal Clinical Trial
8. Covance Decides to Pursue Its Original Preclinical Strategy in China
9. Wyeth Will Pursue Claim for Damages Resulting From Teva Pharmaceuticals Launch of Generic Pantoprazole in Violation of PROTONIX Patent
10. Fate Therapeutics Created by Leading Stem Cell Scientists to Pursue New Approaches to Stem Cell Therapies
11. AspenBio Pharma Pursues FDA 510(k) Application Pathway for Appendicitis Blood Test
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... 8, 2016  NanoViricides, Inc. (NYSE MKT: NNVC) (the "Company"), a ... Seymour , MD, MPH, will present information about the company,s programs ... in New York City . ... Windsor Room at 5:30PM EST. Registered attendees can request a one ... City . --> New York City ...
(Date:2/6/2016)... McLean, VA (PRWEB) , ... February 06, 2016 , ... ... enrichment session, cost-free, for middle and high school teachers on Wednesday February 10, 2016. ... be held at the Smithsonian-Mason School of Conservation, located at 1500 Remount Road in ...
(Date:2/5/2016)... DIEGO , Feb. 5, 2016 On ... region,s trusted information source for community, health and disaster ... Diego) will integrate to enhance care coordination and ... to the services they need and to better connect ... improve care.   San Diego ...
(Date:2/4/2016)... - New FDA action date of July ... action date of July 22, 2016   --> ... 22, 2016   - Lifitegrast has the ... for the treatment of signs and symptoms of dry eye disease ... to be the only product approved in the U.S. in the past decade indicated for ...
Breaking Biology Technology:
(Date:1/27/2016)... , Jan. 27, 2016  Rite Track, Inc. ... in West Chester, Ohio announced ... winning service staff, based in Austin, Texas ... and ability to provide modifications, installations and technical support ... , CEO of PLUS, commented, "PLUS has provided world ...
(Date:1/22/2016)... 2016 http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ... the  "Global Behavioral Biometric Market 2016-2020" ... http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has announced the ... Market 2016-2020"  report to their offering. ... http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has announced the addition ...
(Date:1/20/2016)... Jan. 20, 2016 A market that just ... benefit from the explosion in genomics knowledge. Learn all ... Research. A range of dynamic trends are pushing market ... personalized medicine - pharmacogenomics - pathogen evolution - next ... markets - greater understanding of the role of genetic ...
Breaking Biology News(10 mins):