Immunicon Corporation Announces Receipt of Notice from NASDAQ and ''Going Concern'' Opinion
April 04 2008 - 3:30PM
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.
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