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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

ests have been made in separate communications with three members of the Company's Board: Dr. Charles A. Sanders, Dr. Anthony B. Evnin and Dr. P. Kay Wagoner. Surprisingly, our requests have been repeatedly denied, with the primary justification being offered that the Company does not want to "establish a precedent."

Although we have always strongly believed that the Company's core technology has great underlying value and tremendous potential, the combination of the financial crisis in the broader markets and the Company's common stock ritualistically trading at new 52-week lows has given us cause for concern. It was this concern that initially prompted us to request observer status at a Board meeting in order to better understand the Company's strategic plan. As we are aware of the implications of Regulation FD we made clear, to both the Company and its counsel, that we were prepared to sign a confidentiality agreement. Additionally, we offered to agree to a 6-month lock up of our shares; this voluntary concession would have created a temporary benefit for all shareholders of the Company by eliminating a large overhang during a period of great sensitivity in the market. The Company's refusal to grant our request not only heightened our concern regarding the Company's strategic plan, but aroused suspicion as well. Why would a company refuse to allow a large shareholder, who has added value in the past, to observe a single Board meeting? More to the point, why would this Board bar an active and supportive shareholder from visiting the forum in which it safeguards the interests of all shareholders.

The Xmark Funds have been long-only biotech investors since 1996. My partners Mitch Kaye, Alfred Mansour and Alan Tuchman all share my affinity for the sector, and we have all, individually and as a firm, made a great number of friends in the space. However, we take issues of corporate governance seriously. As ma
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SOURCE Xmark Opportunity Partners, LLC
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