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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

pect to the Company's strategic direction. Without our having the benefit of any information to the contrary, we have concluded that they failed to do so. This apparent inaction is particularly surprising as many members of the Board sit on the boards of other public life sciences companies, such as Cephalon, Inc. [CEPH], Genentech, Inc. [DNA], Infinity Pharmaceuticals, Inc. [INFI], Memory Pharmaceuticals Corp., Pharmos Corporation [PARS], Sunesis Pharmaceuticals, Inc. [SNSS] and Vertex Pharmaceuticals Incorporated [VRTX].

At this point, we believe that the Company's only legitimate option to salvage the value of its proprietary technology is to pursue an extraordinary transaction. Given that many large pharmaceutical companies have recently stated that they intend to pursue acquisitions in order to compensate for the dearth of products in their drug development pipelines, we believe that this is actually an ideal time for the Company to pursue a sale, rather than a painfully dilutive, stop-gap capital raise. In speaking with industry experts, the perception of the Company is that management is entrenched and unwilling to formally explore a sale. This is extremely troubling. We have communicated this perception to Drs. Sanders and Evnin but have not received any substantive response. We have been met with platitudes, but nothing else. We are concerned that management may be reluctant to consider a sale because they (x) possibly would lose their historically high salaries and at the same time (y) some would not gain meaningfully through a sale of the Company because they do not own a great deal of common stock.

Please be advised that if the Company decides to raise capital in a dilutive offering, we will have no alternative but to evaluate seriously the viability and propriety of all available options to protect the interests of our limited partners and shareholders, including, inter alia, commencing le
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SOURCE Xmark Opportunity Partners, LLC
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