Icagen Inc announced the renewal of its research and development agreement with Bristol-Myers Squibb Company for the discovery and development of small molecule drugs targeting a specific ion channel involved in atrial fibrillation, a common cardiovascular disorder in which the heart beats irregularly. Bristol-Myers Squibb and Icagen elected to renew the collaboration in order to further build upon the significant progress made to date in this area. The renewal provides for continued research and development funding by Bristol-Myers Squibb.

"Currently available anti-arrhythmic drug therapies for the treatment of atrial fibrillation have significant liabilities, such as the potential for ventricular proarrhythmias," said Simeon Taylor, Vice President, Hopewell Biology, Metabolics and Cardiovascular Discovery, Bristol-Myers Squibb. "We are pleased that our relationship with Icagen, to identify a safe and effective therapy for atrial fibrillation, will continue."

Dr. Kerry Spear, Vice President of Chemistry, Icagen, noted, "We are delighted to be continuing our work with Bristol-Myers Squibb in the area of atrial fibrillation. Many drugs that are currently available for this condition can lead to other cardiac arrhythmias due to lack of target specificity. In collaboration with Bristol-Myers Squibb, Icagen is developing therapies that are highly selective for a specific ion channel. Thus, these compounds should reduce or eliminate unwanted side effects."

"Our combined efforts to date have identified a lead compound and several back-up compounds that may lead to a safe and effective treatment for atrial fibrillation. We are extremely pleased that Bristol-Myers Squibb has elected to renew our collaboration, and look forward to continuing our joint efforts in this exciting and promising area of medical research," said P. Kay Wagoner, President and CEO of Icagen.

As previously announced, the Bristol-Myers Squibb/Icagen collaboration, which began in 1997, provided for an initial up-front payment, research funding and milestone payments to Icagen in return for worldwide rights to lead compounds generated for the treatment of atrial fibrillation. Additionally, Bristol-Myers Squibb supports clinical development and Icagen will receive royalties from the sale of any products generated by the collaboration.

Atrial fibrillation, the most common sustained cardiac arrhythmia, is a condition in which the electrical signal to the upper chambers of the heart becomes irregular and results in rapid, uncoordinated cardiac contraction. The condition is associated with an increased risk of stroke, heart failure, and premature death. In the United States alone, over 2.5 million people are affected by this disorder, with an estimated 160,000 new cases diagnosed each year.