Icagen Inc., a Durham-based drug discovery company, sold $1.5 million in shares in a private offering, according to a Securities and Exchange Commission filing.

Icagen filed the Form D on April 27. The company stated that the proceeds may be used to pay overhead and other corporate expenses, which could include salaries.

The filing was raised from three outside investors. Icagen is offering debt and option securities, with a minimum investment amount of $500,000. The offer is not intended to last for more than a year.

The filing included sales compensation to Taglich Brothers Inc. for finders fees expenses. Taglich Brothers, a brokerage firm from New York, received $60,000 and a warrant to acquire 25,000 sales of common stock as compensation for their part in the deal.

Richard Cunningham, chief executive officer of Icagen, signed the Form D.

Icagen is a bioscience company that focuses on the discovery, development and commercialization of orally-administered drugs and provides development services to pharmaceutical and biotechnology companies.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.