Shares of Icagen surged today after the Durham company announced it has started an early clinical trial of an experimental pain treatment.
The pain drug, which still requires years of further testing, is being developed with Icagen's larger partner Pfizer. The partnership calls for Icagen to receive milestone payments as the drug moves through the clinical testing process.
Icagen also announced this afternoon that it expects to submit with the Food and Drug Administration results from studies of its experimental treatment for epilepsy within the next few weeks.
Icagen announced in September that it had halted enrollment in a clinical trial testing the epilepsy drug after a patient experienced a "serious adverse event." Nobody died, but Icagen officials have said they're discussing the status of that drug trial with the FDA.
The company also announced today that Seth Hetherington, senior vice president of clinical and regulatory affairs, will leave at the end of the year. Greg Rigdon, vice president of new product development, will take over the company's clinical development efforts.
Icagen shares rose 67 cents to close at $2.12. The shares have more than doubled in the past month, but are still down 30 percent in the past year.