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Icagen Terminates Phase III ASSERT Study

lation, for which the Company's collaborator Bristol-Myers Squibb Company is conducting preclinical studies; and -0-
 - lead compounds for dementia, including Alzheimer's disease, for

    which the Company's collaborator Astellas Pharma Inc. is

    conducting preclinical studies, and lead compounds for attention

    deficit/hyperactivity disorder, which were derived from the

    collaboration and for which the Company is conducting preclinical

    studies.

Icagen is also conducting ongoing drug discovery programs focused on new therapeutics for pain and inflammatory disorders.

Forward Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K, filed with the SEC on March 6, 2007. These risk factors include risks as to whether the Company's products will advance in the clinical trials process; the timing of such clinical trials; whether the results obtained in preliminary studies will be indicative of results obtained in clinical trials; whether the clinical trial results will warrant continued product development; whether and when, if at all, the Company's products will receive approval from the U.S. Food and Drug Administration or equivalent regulatory agencies, and for which indications, and if such products receive approval, whether they will be successfully marketed; and the Company's dependence on
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