Icagen, Inc. and Pfizer have extended their worldwide collaboration and licensing agreement aimed at discovering, developing and commercializing compounds as new potential treatments for pain and related disorders.
For the past two years, the two companies have partnered to identify compounds that target three specific ion channels. The ion channel targets are sodium channels, which are important in the generation of electrical signals in nerve fibers that mediate the initiation, transmission and sensation of pain.
Pfizer will continue to fund all aspects of the collaboration including research efforts at both companies. Pfizer retains 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 through September 30, 2010. Additionally, Icagen remains eligible to receive approximately $359 million in research, development, regulatory and commercialization milestones for each product, as well as royalties on product sales.