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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

ny of you may be aware -- from our numerous Schedule 13D filings -- we do not hesitate to demand accountability when circumstances dictate. The public record of our shareholder activism, however, only tells half the story. The fact is that in many instances the Xmark Funds have worked cooperatively behind the scenes with management teams and boards. (We would be happy to provide numerous public company references in this regard). Unfortunately, not all management teams and boards are cooperative. Many of them hide behind Regulation FD and use scarce shareholder capital to defend their often indefensible decisions. In such cases, we have always acted to protect our interests. Regrettably, Icagen has become such a case.

By way of background specific to Icagen, the Xmark Funds are one of the Company's largest shareholders, holding in excess of 8% of the outstanding common shares, all of which have been purchased in the open market. Since 2007, we have been buyers in the market on no fewer than 100 trading days and may very well be the largest open-market acquirer of the Company's shares in its history -- at a time when the Company's insiders have purchased a comparatively de minimis number of shares. We have always viewed our role as shareholder to be supportive. To that end, we have: offered suggestions with respect to clinical trial design; made introductions to investment bankers and IR/PR firms; and followed up on the Company's behalf with several noteworthy investors who expressed interest in the Company. And, in fact, the Company has expressly acknowledged these supportive efforts. However, when our suggestions turned to more macro subjects, such as strategic direction, the tone of the conversation changed.

We believe that the Company should conduct a discreet sale process. We made this view clear to the Company and Dr. Sanders several months ago, when the Company had more capital and a much h
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SOURCE Xmark Opportunity Partners, LLC
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