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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

ps, nothing should amaze us at this point.

Again, please be advised that if the Company decides to raise capital in a dilutive offering, we will evaluate all available options to protect the interests of our limited partners and shareholders, including, inter alia, commencing legal 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.

Respectfully submitted,

XMARK OPPORTUNITY PARTNERS, LLC

About the Xmark Funds

The Xmark Funds are dedicated to making investments in publicly-traded, small-cap life sciences companies and seek to achieve substantial capital appreciation by investing directly in public life sciences companies trading at venture-level valuations. The Xmark Funds conduct extensive fundamental due diligence and tailor their investments to the risk/reward profile of each target.

The team's investment professionals have worked together since founding the investment manager in 2001. The investment team includes life sciences professionals with extensive experience and expertise in clinical research, business development, medical practice, hospital and physician practice management, asset management and law.


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