Immunicon Corporation (NASDAQ:IMMC)
Industry: Technology
Immunicon Corporation, incorporated in August 1983, develops, manufactures, markets and sells cell-based diagnostic and research products and certain service activities with a focus on cancer. The Company's products provide physicians information to understand, treat, monitor and diagnose cancer and predict outcomes. Its technologies can identify, count and characterize a small number of circulating tumor cells (CTCs) and other rare cells present in a blood sample from a patient. It also employs its technologies to provide analytical services to pharmaceutical and biotechnology companies to assist them in developing of new therapeutic agents. Immunicon's products are primarily intended for use as an integrated system, consisting of kits containing reagents for use with its instruments and other system components that enable scientists, physicians and laboratories to collect, isolate, label, count and analyze CTCs and other rare cells and their derivative components, such as deoxyribonucleic acid (DNA) and chromosomes. In January 2006, the Company entered into a supply and marketing license agreement with KREATECH Biotechnology B.V. (KREATECH). Under the agreement, KREATECH granted Immunicon a royalty-bearing, non-transferable license to offer for sale, sell, distribute, import, and export to resellers and end users reagents processed using KREATECH's Universal Linkage System technology for use with the Company's imaging technologies and instrument platforms. In August 2000, Immunicon entered into a development, license and supply agreement with Ortho-Clinical Diagnostics (OCD), a Johnson & Johnson company, which subsequently assigned all rights and obligations under the agreement to Veridex, LLC (Veridex), also a Johnson & Johnson company. In March 2004, the Company began commercialization of products that incorporate its technology for research use only (RUO), including third-party shipments of the Veridex CellSearch Circulating Tumor Cell Kit, the Immunicon CellTracks AutoPrep System, and Immunicon CellSpotter Analyzer. Veridex received 510(k) clearance from the United States Food and Drug Administration (FDA) in January 2004, for in vitro diagnostic (IVD) use of the Veridex CellSearch Circulating Tumor Cell (CTC) Kit in the management of metastatic breast cancer (breast cancer that has spread beyond the primary breast tumor). In June 2005, the Company announced the release for sale of the new rare cell analysis platform, the CellTracks Analyzer II. This product is a next generation analyzer to its CellSpotter Analyzer. Veridex received FDA clearance in October 2005, for expanded claims for the CellSearch CTC Kit in metastatic breast cancer. Immunicon's products are being sold to hospitals, reference laboratories, clinical research organizations (CROs) and pharmaceutical/biotechnology companies under the terms of its agreement with Veridex. The Company has shipped its products to customers in the United States, Europe, Japan and Hong Kong. Its customer base includes cancer treatment centers in these areas, as well as Quest Diagnostics Incorporated (QDI) and SRL, Inc. QDI and SRL, Inc. both have multiple instrument systems installed and offer testing for both CTCs and circulating endothelial cells (CECs). The Company has three wholly owned subsidiaries: Immunivest Corporation, IMMC Holdings, Inc. and Immunicon Europe, Inc. Immunivest Corporation holds substantially all of the intellectual property that the Company has developed in connection with its technologies. IMMC Holdings, Inc. provides cash management and financing services to Immunicon and its subsidiaries. Immunicon Europe, Inc., through a branch office in The Netherlands, provides research and development support to Immunicon Corporation for development for its technologies. Product Research and Development Programs The CellSave Preservative Tube is a specialty blood collection device that enables medical professionals to draw blood into an evacuated test tube and preserves the blood samples during shipment to a laboratory and during
As Of: 10/07 00:00 ET
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