Share prices for Icagen Inc. (NASDAQ: ICGN) edged up 3.28 percent today to $1.89 a share, thanks largely to the company’s recent second quarter financial results.

According to a statement the company released earlier this morning, the company reported revenues of $3.4 million for the second quarter of 2007, an increase of $800,000, or 28 percent, which the company attributed to “increased recognition of license revenue.” Operating expenses for the second quarter were $10.3 million, a $900,000 boost over the previous year’s recorded expenses of $9.4 million. The company’s revenue for the first six months were also up, up to $5.4 million from the previous year’s figures of $4.5 million.

Icagen is a biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule drugs that modulate ion channel targets. According to the company’s Web site, Icagen has developed an integrated technology platform that allows for the efficient discovery of drug leads.

Kay Wagoner, Ph. D. and CEO of Icagen, felt that this was an example of Icagen’s “solid progress.”

“In particular, we were pleased to recently announce the filing of an IND for our lead compound in our epilepsy and neuropathic pain program, ICA-105665,” Wagoner said in the statement. “As recently reported, this compound has demonstrated a broad spectrum of activity in preclinical models of seizure disorders, and has also shown activity in preclinical models of neuropathic and inflammatory pain. In addition our multitarget sodium channel and calcium channel pain programs continue to progress very well. Finally, we have advanced our efforts in the exploration of new indications for senicapoc in a variety of inflammatory and proliferative disorders.”

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