Icagen extended by one year a prior worldwide collaboration and licensing agreement with Pfizer aimed at discovering, developing, and commercializing compounds that modify three specific sodium ion channels as new potential treatments for pain and related disorders.
For the past two years Icagen and Pfizer have partnered to identify compounds that target these three ion channels in a global R&D partnership. The companies have also formed a joint research committee to monitor and oversee the collaboration.
During the extension period Pfizer will continue to fund all aspects of the collaboration, including research efforts at both companies. Pfizer also will continue to have exclusive worldwide rights to commercialize products resulting from the collaboration. Under the terms of the extended agreement, Pfizer will provide approximately $5 million in committed funding to Icagen over the next year of the collaboration through September 30, 2010.
Additionally, Icagen remains eligible to receive approximately $359 million in research, development, regulatory, and commercialization milestones for each product. Icagen is also eligible to receive tiered royalties, against which the commercialization milestones are creditable, based upon product sales.