Icagen posts second-quarter losses
Published: Tue, Aug. 05, 2008 08:58AM
Modified Tue, Aug. 05, 2008 09:02AM
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closeDURHAM -- Icagen, a Durham company working on an epilepsy drug and painkillers, cut its second-quarter losses in half, coming in just below analysts’ expectations.
Icagen reported $3.2 million in revenue from research collaborations for the three months ended June 30, about 5 percent less than the same period a year ago. Expenses decreased by nearly one-third to $7.2 million. Research and development costs dropped after Icagen halted work on a sickle-cell treatment last summer.
The loss for the second quarter was $3.7 million, or 8 cents per share. Analysts had expected a loss of 9 cents per share, according to Thomson Reuters.
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Icagen reported financial results before the market opened Tuesday. Shares closed at $1.56 Monday.
sabine.vollmer @newsobserver.com or (919) 829-8992.
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