Add another initial public offering to the list.
Immunicon Corp. registered for an estimated $86.25 million initial public offering, applying for listing under the symbol "IMMC" on the Nasdaq exchange. It has yet to set its price range or number of shares to be offered.
The Huntingdon Valley, Pa.-based company, which is working to produce cell-based research and diagnostic products for cancer, plans to use any resulting proceeds to further its development plans, including manufacturing and clinical trials as well as other research and development activities. The funds also will be applied to capital expenditures, working capital and other general corporate purposes.
Its CellTracks technologies are designed to identify, count and characterize the presence and quantity of a small number of tumor cells present in a blood sample, circulating tumor cells. A collaboration with Veridex LLC, a unit of New Brunswick, N.J.-based Johnson & Johnson, resulted in a 510(k) submission to the FDA in May for use of the CellSearch Epithelial Cell Kit in the management of metastatic breast cancer.
Other cancer detection applications include prostate, colorectal, lung and ovarian cancers.
Veridex has exclusive worldwide cancer rights to commercialize any cellular diagnostic products based on the company's technologies. In return, Veridex will pay Immunicon about 30 percent on net sales of reagents, test kits, and other consumable products and disposable items incorporating its technologies. The company expects Veridex to release CellSearch for research use only in the first quarter of next year, and for in vitro diagnostic use in the second half.
Beyond cancer diagnostics, Immunicon said its products and underlying technology platforms have applications in the development of anticancer drugs and cancer research. The 109-employee company also said the endothelial cell assay technologies may have applications in other fields, such as cardiovascular and infectious diseases. It also has a research program aimed at developing an assay to detect fungal infections.
Immunicon said it would seek partners for non-cancer applications of its technologies.
Its majority owners include TL Ventures, of Wayne, Pa., with 14.4 percent; Canaan Partners, of Rowayton, Conn., with 13.4 percent; Johnson & Johnson Development Corp., with 11.1 percent; MDS Life Sciences, of Toronto, with 8.7 percent; LHC Corp., of Wilmington, Del., with 7.8 percent; Burrill & Co., of San Francisco, with 7.4 percent; Wheatley Partners, of Great Neck, N.Y., with 5.9 percent; Foundation Medical Partners LP, also of Rowayton, with 5.2 percent; and Anthem Capital, of Baltimore, also with 5.2 percent.
Other large shareholders include two officers, Edward Erickson with a 1.7 percent stake and Leon Terstappen with a 1.2 percent holding. Erickson serves as Immunicon's chairman, president and CEO, while Terstappen is its senior vice president of research and development and chief scientific officer.
The offering's underwriters include SG Cowen Securities Corp., of New York; Legg Mason Wood Walker Inc., of Baltimore; and Adams Harkness & Hill Inc., of Boston.
As of Sept. 30, the company registered reserves of about $36.3 million in cash and cash equivalents.