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 p
|SOURCE Xmark Opportunity Partners, LLC|
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