ICAgen Inc. has raised a second major round of financing totaling more than $19 million from seven investment groups to expand its search for drugs based on modifying ion channels, the body's electric communication system. San Francisco-based Alta Partners and New York's Chase Capital Partners led the venture investors. Other new investors included Swiss-based New Medical Technologies and the Japanese firm Fugijin. ICAgen's existing investors, Venrock Associates, NY, Gutrafin, England, and Hoegh Invest AS, Norway, also made significant investments in the round. The money will be used to expand its drug discovery program and to fund preclinical and clinical development programs.
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