Icagen shareholder pushes for sale, may take legal action

By Lisa Kerner

Charlotte, N.C., Jan. 20 - Icagen, Inc. shareholder Xmark Opportunity Partners LLC said it believes the company should conduct a sale process and that it will consider all its options, including legal action, if the company instead decides to raise capital in a dilutive offering.

Xmark made its comments in a Jan. 9 letter to Icagen's board of directors.

The shareholder has been monitoring Icagen's performance since September, according to a schedule 13D filed with the Securities and Exchange Commission.

In a Nov. 29 letter to Icagen, Xmark detailed its efforts to observe a meeting of Icagen's board and recommend the company consider an extraordinary transaction.

Icagen adopted a poison pill shortly after receiving the letter, Xmark said.

"In adopting the poison pill, the board only reinforced our long-standing belief that management is entrenched and the board is out of touch," the shareholder said.

Xmark said Icagen "flatly rejected" its attempt to amicably settle details of a proposed confidentiality agreement.

According to Xmark, the Durham, N.C., biopharmaceutical company "has taken action to quell public market activity in its shares, while also requesting silence from its most active shareholder."

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