HUNTINGDON VALLEY, Pa., June 17 /PRNewswire-FirstCall/ -- Immunicon Corporation announced today that it entered into an addendum to its Technology Development Agreement and License Agreement with Twente University, Enschede, The Netherlands, and STW, a research funding agency of the Dutch government. Under the modified agreement, STW will provide Twente University with up to approximately $1 million toward developing an affordable and portable instrument to monitor patients with human immunodeficiency virus (HIV). This instrument represents an additional application of existing Immunicon technology, specifically the CellTracks EasyCount(TM) system, which was developed through Immunicon's collaboration with Twente University. Immunicon will contribute "in kind" research effort toward the project including personnel, equipment and supplies, and has rights to commercialize products that result from the agreement.
Commenting on the agreement, Edward L. Erickson, Chairman of the Board, President and Chief Executive Officer of Immunicon, said: "We are delighted to expand our existing relationship with Twente University with the added participation of STW and look forward to a very productive collaboration."
About Immunicon Corporation
Immunicon Corporation is developing and commercializing proprietary cell- based research and human diagnostic products with an initial focus on cancer disease management. The Company has developed platform technologies for selection and analysis of rare cells in blood, such as tumor cells. Immunicon's products and underlying technology platforms also have applications in the clinical development of cancer drugs and in cancer research and may have applications in other fields of medicine, such as cardiovascular and infectious disease.
The information contained in this press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often preceded by words such as "hope," "may," "believe," "anticipate," "plan," "expect," "intend," "assume," "will" and similar expressions. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date of this press release, reflect management's current expectations and involve certain factors, such as risks and uncertainties that may cause actual results to be far different from those suggested by the Company's forward-looking statements. These factors include, but are not limited to, risks associated with: the Company's dependence on Veridex, LLC ("Veridex"); the Company's capital and financing needs; research and development and clinical trial expenditures; commercialization of the Company's product candidates; the Company's ability to use licensed products and to obtain new licenses from third parties; the Company's ability to manage its growth; obtaining necessary regulatory approvals; reliance on third party manufacturers and suppliers; reimbursement by third party payors to the Company's customers for the Company's products; compliance with applicable manufacturing standards; the ability to earn license and milestone payments under the Company's agreement with Veridex; retaining key management or scientific personnel; delays in the development of new products or to planned improvements to the Company's products; effectiveness of the Company's products compared to competitors' products; protection of the Company's intellectual property and other proprietary rights; conflicts with the intellectual property of third parties; product liability lawsuits that may be brought against the Company; labor, contract or technical difficulties; and competitive pressures in the Company's industry. These factors are discussed in more detail in the Company's filings with the Securities and Exchange Commission.
"Immunicon" and the Immunicon Corporation logo displayed above are registered trademarks of Immunicon Corporation. ALL RIGHTS RESERVED.
James G. Murphy The Ruth Group
SVP of Finance & Administration, CFO Greg Tiberend (media)
215-830-0777 ext. 121 646-536-7005
John Capodanno (investors)
CONTACT: James G. Murphy, SVP of Finance & Administration, CFO of themmunicon Corporation, +1-215-830-0777, ext. 121, firstname.lastname@example.org; orMedia - Greg Tiberend, +1-646-536-7005, email@example.com, orInvestors - John Capodanno, +1-646-536-7026, firstname.lastname@example.org, bothf The Ruth Group, for the Immunicon Corporation