Icagen shares can keep trading on the Nasdaq.
The Durham drug-development company held a reverse stock split last month to satisfy minimum listing requirements on the Nasdaq and avoid being delisted.
The move traded in eight existing shares for one new one, reducing the total number outstanding and raising the per-share price. That bumped Icagen's stock above $1 for 10 consecutive trading days, putting it back in compliance with the Nasdaq, the company announced today.
Icagen's shares closed at $1.21 today, down 3 cents.
The shares began trading publicly at $8 each in Feb. 2005, but have fallen as the company struggled to move ahead with a successful experimental medicine.
Icagen is developing treatments for epilepsy and pain.
After the reverse stock split, the shares began trading under the temporary ticker symbol "ICGND" but will revert to "ICGN" soon.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or
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