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Immunicon Corporation (IMMC) Files for Chapter 11 Bankruptcy


6/11/2008 6:27:37 AM

RARITAN, N.J., June 11 /PRNewswire-FirstCall/ -- Veridex, LLC announced today that it has signed an asset purchase agreement to acquire substantially all of the assets of Immunicon Corporation (OTC Bulletin Board: IMMC - News) for $31 million in cash subject to certain closing date adjustments, plus the discharge and release of certain claims owing to Veridex, LLC and the assumption of certain specified liabilities.

The assets to be acquired include intellectual property, product inventory and clinical data as well as all technologies related to the CellSearch(TM) System, the first diagnostic test to automate the detection and enumeration of circulating tumor cells (CTCs), cancer cells that detach from solid tumors and enter the blood stream. The CellSearch(TM) System is currently cleared for the prognosis and monitoring of patients with metastatic breast, metastatic colorectal and metastatic prostate cancer.

"This agreement represents a strategic opportunity for Veridex to continue to bring innovative diagnostic tests to the patients, physicians and laboratories involved in the fight against cancer," said Ken Berlin, General Manager, Veridex, LLC.

Veridex and Immunicon have partnered since 2000 to develop and commercialize novel cancer diagnostic platforms and products.

The transaction is subject to the approval by the bankruptcy court overseeing Immunicon's bankruptcy case. It is not expected to require anti-trust review or shareholder approval.

About Veridex

Veridex, LLC, a Johnson & Johnson company, is an organization dedicated to providing physicians with high-value in vitro diagnostic oncology products. Veridex is focused on developing products that will significantly benefit patients through earlier disease detection, and enable personalized medicine strategies to improve patient management and outcomes. The company develops cancer diagnostic products that may enable earlier disease detection as well as more accurate monitoring and therapeutic selection. The company is currently marketing two product lines: CellSearch(TM) assays that enumerate circulating tumor cells in blood and GeneSearch(TM) assays using molecular technology. For additional information, please visit www.veridex.com

(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Veridex's expectations and projections. Risks and uncertainties include the satisfaction of closing conditions for the acquisition, including receipt of approval for the transaction by the bankruptcy court overseeing Immunicon's bankruptcy case, and the possibility that the transaction will not be completed; general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2007. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Veridex does not undertake to update any forward-looking statements as a result of new information or future events or developments.)

Source: Veridex, LLC

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