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Icagen Reports First Quarter 2005 Financial Results

May 13, 2005

Icagen, Inc. reported financial results for the first quarter ended March 31, 2005. For the first quarter of 2005, net loss increased to $5.3 million from $4.1 million for the first quarter of 2004, an increase of 29 percent, due primarily to higher research and development expenses and general and administrative expenses offset in part by an increase in revenues. Revenues for the first quarter of 2005 totaled $2 million, as compared to $844,000 during the same period in 2004, an increase of 140 percent.

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