Immunicon (NASDAQ:IMMC)
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From Jun 2019 to Jun 2024
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.
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.