Icagen, Inc. and Abbott Laboratories have signed a research and development agreement to discover and develop small molecule drugs that target a specific ion channel target for the treatment of neuropathic and inflammatory pain.
Icagen, Inc., a privately-held company based in Research Triangle Park, North Carolina, is a leader in drug discovery and development focused exclusively on ion channel modulation.
Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals and medical products, including devices and diagnostics.
The companies will collaborate exclusively on this molecular target to advance compounds that Icagen has discovered, as well as new compounds discovered by the collaboration, into preclinical and clinical development. The molecular target is one of ten ion channel targets Icagen has identified for the treatment of pain.
``The initial phase of Abbott's relationship with Icagen was productive and we are pleased that the collaboration is continuing,'' stated Jim Sullivan, Ph.D., divisional vice president, Neuroscience, Abbott Laboratories. ``Abbott has identified neuroscience as a priority therapeutic area, and our expertise in pain combined with Icagen's demonstrated expertise in ion channel research provides a platform to identify additional clinical candidates.'' The agreement specifies an upfront payment to Icagen, plus research funding and potential milestone payments, in addition to royalties on worldwide sales of products resulting from the collaboration.
``We are delighted that Abbott has selected Icagen as its collaborator for this promising pain target,'' stated Dr. Kay Wagoner, president and CEO of Icagen. ``We will again be working with an extraordinary team of scientists from Abbott who bring years of experience in the area of pain, and who are highly motivated to bring forth development candidates. Abbott's long-term strategic commitment to this therapeutic area ensures the continuance of their efforts to develop novel agents for the treatment of pain. The collaboration makes good use of our capability to identify and pursue novel ion channel targets which span multiple and diverse therapeutic areas.''