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Xmark Sends Letters to Icagen's Board of Directors: Questions Company's Leadership as Well as Motives Behind Adoption of Poison Pill
Date:1/20/2009

RIDGEFIELD, Conn., Jan. 20 /PRNewswire/ -- On December 1, 2008, Xmark Opportunity Partners, LLC, the sole member of the investment manager of Xmark Opportunity Fund, L.P. and Xmark Opportunity Fund, Ltd., sent the first letter below, dated November 29, 2008, to the Board of Directors of Icagen, Inc. (Nasdaq: ICGN). On January 11, 2009, the second letter below, dated January 9, 2009, was sent to the Board.

XMARK OPPORTUNITY PARTNERS, LLC

90 Grove Street

Suite 201

Ridgefield, Connecticut 06877

November 29, 2008

VIA E-MAIL

Board of Directors

Icagen, Inc.

4222 Emperor Boulevard

Suite 350

Durham, NC 27703

Lady and Gentlemen:

Xmark Opportunity Partners, LLC is the sole member of the investment manager of Xmark Opportunity Fund, L.P. and Xmark Opportunity Fund, Ltd. (together, the "Xmark Funds"). As you are aware, the Xmark Funds are significant shareholders in Icagen, Inc. (the "Company" or "Icagen").

On at least three occasions, we have requested permission to observe a meeting of the Company's Board of Directors in order to (i) gauge the level of the Board's pursuit of strategic alternatives, (ii) observe the interaction between the Board and the Chief Executive Officer for the purpose of evaluating independence, and (iii) evaluate the assumptions relied upon by all Board members with respect to issues of risk, value and time, as all three relate to the equity markets and drug development process. Our requ
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SOURCE Xmark Opportunity Partners, LLC
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