DURHAM - Icagen reported a smaller first-quarter loss Thursday, as the Durham company cut expenses after ending research studies on a failed treatment for sickle cell disease.

Icagen continues to study promising treatments for other ailments but is years from winning regulatory approval for any products.

The company's net loss during the first three months of the year narrowed to $3.6 million, compared with a loss of $6.5 million during the same quarter last year. Revenue rose 49 percent to $3 million.

In February, Icagen received a second investment from its partner, drug giant Pfizer, of $10 million. The companies are working together on a new type of painkiller.

Icagen had $46 million in cash as of March 31, up from $43.5 million at the end of 2007.

On Thursday, shares fell 1 cent to $1.50.