Immunicon cuts staff 40%
This article was originally published in The Gray Sheet
Executive Summary
Cell and molecular-based human diagnostic and life sciences research firm reduces its workforce by 45 employees, or 40% of its full-time equivalent platform development, R&D and marketing staff. The reduction in force comes after the firm recently lost its bid to end a 20-year exclusive marketing agreement with Johnson & Johnson/Veridex for its CellSearch cancer test, and reflects the potential impact of the arbitration decision on Immunicon's commercialization efforts, the firm says (1"The Gray Sheet" March 10, 2008, In Brief). The company expects to take a related charge of $1.3 million-$1.5 million in the first fiscal quarter of 2008