Immunicon Corporation Announces Receipt of Notice from NASDAQ
25 April 2008 - 6:30AM
Business Wire
Immunicon Corporation (NASDAQ-CM:IMMC) announced today that, on
April 18, 2008, it received a notice from The NASDAQ Stock Market
indicating that trading in Immunicon�s common stock will be
suspended and Immunicon�s common stock will be delisted from The
NASDAQ Capital Market at the opening of business on April 29, 2008,
unless Immunicon appeals NASDAQ�s determination. Immunicon had
previously received notice from NASDAQ on April 2, 2008, indicating
that Immunicon was not in compliance with Marketplace Rule
4310(c)(3) because Immunicon failed to have the minimum of
$2,500,000 in stockholders� equity required for continued listing
on The NASDAQ Capital Market. Immunicon was provided until April
17, 2008 to submit a specific plan to achieve and sustain
compliance with all applicable continued listing requirements of
The NASDAQ Capital Market. In response, on April 18, 2008,
Immunicon notified NASDAQ that it would not submit such a plan but
rather would pursue quotation of its common stock on the
Over-the-Counter Bulletin Board. As such, Immunicon does not intend
to appeal NASDAQ�s determination of the delisting date and is in
the process of transferring the quotation of its common stock to
the Over-the-Counter Bulletin Board. In that regard, Immunicon has
been advised that a market maker has filed the necessary
application with the Financial Industry Regulatory Authority to
make a market in Immunicon�s common stock on the Over-the-Counter
Bulletin Board. It is Immunicon�s expectation that its common stock
will be eligible for quotation on the Over-the-Counter Bulletin
Board on the delisting date. About Immunicon Corporation Immunicon
Corporation is developing and commercializing proprietary cell- and
molecular-based human diagnostic and life science research
products, and is providing certain analytical services to
pharmaceutical and biotechnology companies to assist them in
developing new therapeutic agents, with an initial focus on cancer
disease management. Immunicon has developed platform technologies
to identify, count and characterize a small number 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 cancer research and may have applications in other
fields of medicine, such as cardiovascular and infectious diseases.
For more information, please visit www.immunicon.com.
Forward-Looking Statements This press release may contain
"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
regarding the timing and success of Immunicon�s plan to remove its
listing from The NASDAQ Capital Market and pursue a quotation of
its common stock on the Over-the-Counter Bulletin Board and other
statements not of historical fact. Immunicon cautions investors not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release, are based on the
current expectations and intent of the management of Immunicon and
involve certain factors, such as risks and uncertainties that may
cause actual results to be far different from those suggested by
these statements. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict, including, but not limited to, risks and uncertainties
associated with: Immunicon�s ability to continue as a going
concern; 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; the ability to
earn license and milestone payments under Immunicon�s agreement
with Veridex; Immunicon�s capital and financing needs; research and
development and clinical trial expenditures; commercialization of
product candidates; Immunicon�s ability to obtain licenses from
third parties to commercialize products; 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; compliance with
applicable manufacturing standards; retaining key personnel; delays
in the development of new products or planned improvements to
products; effectiveness of products compared to competitors�
products; protection of Immunicon�s intellectual property;
conflicts with third party intellectual property; 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. ALL RIGHTS RESERVED.
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