Immunicon Corporation Announces Corporate Restructuring
10 March 2008 - 9:55PM
Business Wire
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.
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