Immunicon (NASDAQ:IMMC)
Historical Stock Chart
From Jun 2019 to Jun 2024
Immunicon Corporation
(NASDAQ:IMMC) announced today it has reduced staff levels and incurred
certain expenses in order to better facilitate the Company’s
current strategy, near-term outlook and ongoing operations. This
initiative principally includes a workforce reduction of approximately
40% of the Company’s full-time equivalent
staff, primarily in platform development programs, research and
development of new products, marketing of current and new products and
related roles at the Company.
The workforce reduction reflects, and is a result of the detailed
analysis of, several factors, including Immunicon’s
revenue outlook and current expense structure; the adverse March 3, 2008
final decision in the Company’s arbitration
with Veridex LLC, a Johnson & Johnson company, and the potential effect
of the final decision on Immunicon’s
commercialization efforts; Immunicon’s desire
to reduce its cost structure; Immunicon’s
desire to preserve stockholder value; and management’s
assessment of continued risk and uncertainty regarding the ability at
the present time to extrapolate with confidence instrument placement and
revenue growth rates.
Immunicon anticipates taking a charge in the first fiscal quarter of
2008 of between approximately $1.3 and $1.5 million for severance and
other costs related to the realignment of staff levels and workforce
reduction.
About Immunicon Corporation
Immunicon Corporation is developing and commercializing proprietary
cell- and molecular-based human diagnostic and life science research
products with an initial focus on cancer disease management. Immunicon
has developed platform technologies for selection and analysis of rare
cells in blood, such as circulating tumor cells and circulating
endothelial cells that are important in many diseases and biological
processes. Immunicon’s products and underlying
technology platforms also have application 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
diseases. For more information, visit www.immunicon.com.
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. Forward-looking statements contained in this
press release include, among others, statements relating to Immunicon’s
key product and clinical development programs, the anticipated clinical
utility of Immunicon’s products, and other
statements not of historical fact. Immunicon 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 Immunicon’s
forward-looking statements. These factors include, but are not limited
to, risks and uncertainties associated with: Immunicon’s
dependence on Veridex, LLC, a Johnson & Johnson company; the risks and
uncertainties associated with the arbitration proceeding with Veridex
and the Award in favor of Veridex given Immunicon’s
dependence on Veridex; Immunicon’s capital
and financing needs; research and development and clinical trial
expenditures; commercialization of Immunicon’s
product candidates; Immunicon’s ability to
use licensed products and to obtain new licenses from third parties;
Immunicon’s ability to manage its growth;
obtaining necessary regulatory approvals; reliance on third party
manufacturers and suppliers; reimbursement by third party payors to
Immunicon’s customers for Immunicon’s
products; risks and uncertainties associated with Immunicon’s
outstanding convertible notes and warrants; compliance with applicable
manufacturing standards; the ability to earn license and milestone
payments under Immunicon’s agreement with
Veridex; retaining key management or scientific personnel; delays in the
development of new products or to planned improvements to Immunicon’s
products; effectiveness of Immunicon’s
products compared to competitors’ products;
protection of Immunicon’s intellectual
property and other proprietary rights; conflicts with the intellectual
property of third parties; product liability lawsuits that may be
brought against Immunicon; labor, contract or technical difficulties;
and competitive pressures in Immunicon’s
industry. These factors are discussed in more detail in Immunicon’s
filings with the Securities and Exchange Commission. Except as required
by law, Immunicon accepts no responsibility for updating the information
contained in this press release beyond the published date, whether as a
result of new information, future events or otherwise, or for
modifications made to this document by Internet or wire services.
“Immunicon” and
the Immunicon Corporation logo are registered trademarks of Immunicon
Corporation. “CellTracks”
is a registered trademark of Immunivest Corporation, a wholly-owned
subsidiary of Immunicon Corporation. “CellSearch”
is a trademark of Johnson & Johnson. All other trademarks or
servicemarks appearing herein are the property of their respective
holders. ALL RIGHTS RESERVED.