Immunicon also filed for bankruptcy.
Veridex is paying $31 million in cash for substantially all assets of Immunicon, which filed for bankruptcy. The transaction is subject to the approval by the overseeing court in Immunicon’s case. It is not expected to require antitrust review or shareholder approval.
In March, Veridex won an arbitration brought against it by Immunicon stating that the firm had not fulfilled its obligations to market the CellSearch™ System to the best of its abilities. Subsequently, Immnunicon reported a 40% reduction in its workforce.
A successful take over of Immunicon will include the discharge and release of certain claims owed to Veridex and the assumption of certain specified liabilities.
The assets to be acquired include intellectual property, product inventory, clinical data, and technologies related to the CellSearch System, a diagnostic to automate the detection and enumeration of circulating tumor cells. The test is currently cleared for the prognosis and monitoring of patients with metastatic breast, colorectal, and prostate cancers.