Immunicon Corporation Announces Final Decision In Its Arbitration Proceeding Against Veridex
04 March 2008 - 10:55PM
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. 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.
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