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Life-Science Researcher Immunicon Files For Protection
As part of the bankrutpcy, Immunicon signed an asset purchase agreement with Veridex LLC to sell its assets for $31 million in cash.
June 13, 2008
Immunicon Corp., a developer of cell- and molecular-based human diagnostic and life science research products, has filed for bankruptcy protection in Delaware's bankruptcy court.
As part of the bankrutpcy, Immunicon signed an asset purchase agreement with Veridex LLC to sell substantially all of its assets for $31 million in cash subject to certain closing date adjustments.
Huntingdon, Pa.-based Immunicon and Veridex have partnered since 2000 to develop cancer diagnostic platforms and products.
The debtor said the net proceeds of the sale, after paying costs associated with the sale, will first be used to satisfy the obligations of Immunicon and its wholly-owned subsidiaries to their creditors. Any remaining proceeds will be distributed to stockholders of Immunicon on a pro rata basis.
The assets to be sold by Immunicon include intellectual property, product inventory and preclinical data as well as all technologies related to the CellSearch System, a diagnostic used test to automate the detection and enumeration of circulating tumor cells (CTCs), cancer cells that detach from solid tumors and enter the blood stream. This system is currently cleared for the prognosis and monitoring of patients with metastatic breast, metastatic colorectal and metastatic prostate cancer.
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