HUNTINGDON VALLEY, Pa.--(BUSINESS WIRE)--Immunicon Corporation (NASDAQ:IMMC) announced today that, on March 3, 2008, the arbitrator (the “Arbitrator”) in the American Arbitration Association proceedings brought by Immunicon Corporation against Veridex LLC (the “Arbitration”) issued a final decision determining that Veridex was not in breach of its “best efforts” marketing obligation and dismissing Immunicon’s claims in the Arbitration. The Arbitrator also awarded Veridex $304,013.00 in contract damages pursuant to Veridex’s counterclaim in which Veridex had challenged Immunicon’s use of circulating tumor cell (“CTC”) reagents and analyzers as part of Immunicon’s “Pharma Services” business. In the Arbitration, Immunicon claimed, among other things, that Veridex had materially violated its obligation to devote best efforts in the marketing of the CellSearch test developed by Immunicon pursuant to the 2000 Development, License and Supply Agreement, as amended, between Immunicon and Ortho-Clinical Diagnostics, Inc. (which has since been assigned to Veridex). Immunicon is currently reviewing the decision and assessing the impact of the decision on its business.
