HUNTINGDON VALLEY, Pa. - (Business Wire) Immunicon Corporation (NASDAQ-GM:IMMC) announced today that, on April 2, 2008, it received a notice from The NASDAQ Stock Market indicating that Immunicon does not comply with the continued listing requirements set forth in Marketplace Rule 4310(c)(3). This rule requires that Immunicon have a minimum of $2,500,000 in stockholders
’ equity in order to continue listing its securities on The NASDAQ Capital Market. Accordingly, the NASDAQ staff are reviewing Immunicon
’s eligibility for continued listing on The NASDAQ Capital Market.
The NASDAQ staff have requested that on or before April 17, 2008, Immunicon submit a specific plan to achieve and sustain compliance with all applicable continued listing requirements of The NASDAQ Capital Market, including the time frame for completion of the plan.
Alternatively, Immunicon may terminate its listing on The NASDAQ Capital Market and pursue a quotation of its common stock on the Over-the-Counter Bulletin Board, or OTCBB. Immunicon has decided to have a market-maker submit an application to pursue quotation of its common stock on the OTCBB and expects the market-maker to submit the application prior to April 17, 2008. The application is subject to clearance by the Financial Industry Regulatory Authority.
Additionally, Immunicon announced today that the audit opinion regarding Immunicon’s 2007 financial statements included in Immunicon’s Annual Report on Form 10-K, which was filed on March 28, 2008, includes an explanatory “going concern” paragraph which states that Immunicon’s recurring losses from operations, accumulated deficit and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. NASDAQ Marketplace Rules require NASDAQ-listed companies to publicly announce the receipt of a “going concern” audit opinion.
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 OTCBB 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.
Immunicon Corporation
Teresa O. Lipcsey
Principal Accounting Officer
215-346-8311
tlipcsey@immunicon.com
or
Investors/Media:
Tierney Communications
Denise Portner
Vice President
215-790-4395
dportner@tierneyagency.com
