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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

gal proceedings against the Company to seek rescission of such a transaction and/or damages, as well as an action against the Board for breach of fiduciary duty.

Please also be advised that we are actively considering whether to aggressively push, within the parameters of securities laws and regulations, for the removal of Dr. Wagoner as Chief Executive Officer as we feel that she is ill suited to lead the Company, as well as for the removal of several members of the Board as we feel that the Board has lost touch.

Of course, we are rational investors. Accordingly, even at this juncture, we would commend the Board for taking appropriate steps to benefit all shareholders; it is never too late to do the right thing.

Respectfully submitted,

XMARK OPPORTUNITY PARTNERS, LLC

XMARK OPPORTUNITY PARTNERS, LLC

90 Grove Street

Suite 201

Ridgefield, Connecticut 06877

January 9, 2009

VIA E-MAIL

Board of Directors

Icagen, Inc.

4222 Emperor Boulevard

Suite 350

Durham, NC 27703

Lady and Gentlemen:

Xmark Opportunity Partners, LLC ("Opportunity Partners" or "we" or "us" or "our") 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").

As you also are aware, on September 26, 2008, Opportunity Partners filed a Schedule 13D (the "13D") announcing its intention to evaluate closely the performance of the common shares of the Company, includ
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SOURCE Xmark Opportunity Partners, LLC
Copyright©2009 PR Newswire.
All rights reserved

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