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
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.
About Veridex
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 www.veridex.com
(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
SOURCE Veridex, LLC