Icagen extends credit line to cover planned capital spending

New York, Feb. 21 - Icagen, Inc. said it extended its credit line with Oxford Finance Corp. through Dec. 31, 2006.

Terms and conditions are the same as the original agreement executed on Dec. 20, 2001, according to an 8-K filing with the Securities and Exchange Commission.

The extension will cover Icagen's anticipated $1 million of capital expenditures during the rest of 2006.

Interest is based on the current Treasury bill constant maturity rate, updated to reflect levels at Feb. 13.

Icagen is a Durham, N.C.-based biopharmaceutical company working on small molecule drugs that modulate ion channel targets.

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