RARITAN, N.J., June 11 /PRNewswire-FirstCall/ -- Veridex, LLC announced
today that it has signed an asset purchase agreement to acquire
substantially all of the assets of Immunicon Corporation (OTC Bulletin
Board: IMMC) for $31 million in cash subject to certain closing date
adjustments, plus the discharge and release of certain claims owing to
Veridex, LLC and the assumption of certain specified liabilities.
The assets to be acquired include intellectual property, product
inventory and clinical data as well as all technologies related to the
CellSearch(TM) System, the first diagnostic test to automate the detection
and enumeration of circulating tumor cells (CTCs), cancer cells that detach
from solid tumors and enter the blood stream. The CellSearch(TM) System is
currently cleared for the prognosis and monitoring of patients with
metastatic breast, metastatic colorectal and metastatic prostate cancer.
"This agreement represents a strategic opportunity for Veridex to
continue to bring innovative diagnostic tests to the patients, physicians
and laboratories involved in the fight against cancer," said Ken Berlin,
General Manager, Veridex, LLC.
Veridex and Immunicon have partnered since 2000 to develop and
commercialize novel cancer diagnostic platforms and products.
The transaction is subject to the approval by the bankruptcy court
overseeing Immunicon's bankruptcy case. It is not expected to require
anti-trust review or shareholder approval.
Veridex, LLC, a Johnson & Johnson company, is an organization dedicated
to providing physicians with high-value in vitro diagnostic oncology
products. Veridex is focused on developing products that will significantly
benefit patients through earlier disease detection, and enable personalized
medicine strategies to improve patient management and outcomes. The company
develops cancer diagnostic products that may enable earlier disease
detection as well as more accurate monitoring and therapeutic selection.
The company is currently marketing two product lines: CellSearch(TM) assays
that enumerate circulating tumor cells in blood and GeneSearch(TM) assays
using molecular technology. For additional information, please visit
(This press release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations of future events. If underlying assumptions
prove inaccurate or unknown risks or uncertainties materialize, actual
results could vary materially from Veridex's expectations and projections.
Risks and uncertainties include the satisfaction of closing conditions for
the acquisition, including receipt of approval for the transaction by the
bankruptcy court overseeing Immunicon's bankruptcy case, and the
possibility that the transaction will not be completed; general industry
conditions and competition; economic conditions, such as interest rate and
currency exchange rate fluctuations; technological advances and patents
attained by competitors; challenges inherent in new product development,
including obtaining regulatory approvals; domestic and foreign health care
reforms and governmental laws and regulations; and trends toward health
care cost containment. A further list and description of these risks,
uncertainties and other factors can be found in Exhibit 99 of Johnson &
Johnson's Annual Report on Form 10-K for the fiscal year ended December 30,
2007. Copies of this Form 10-K, as well as subsequent filings, are
available online at www.sec.gov, www.jnj.com or on request from Johnson &
Johnson. Veridex does not undertake to update any forward-looking
statements as a result of new information or future events or
SOURCE Veridex, LLC