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Immunicon files for Chapter 11 bankruptcy

Wed Jun 11, 2008 7:25am EDT

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June 11 (Reuters) - Immunicon Corp IMMC.OB, which makes products for cell analysis and molecular research, filed for Chapter 11 bankruptcy protection on Wednesday, two months after announcing it was exploring options including a possible sale.

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The Huntingdon Valley, Pennsylvania-based company sought protection from creditors with the U.S. bankruptcy court in Delaware. It said it has $9.2 million of assets and $24.3 million of debts, according to the filing.

In March, Immunicon said it would cut 40 percent of its full-time staff after it lost an arbitration with a Johnson & Johnson (JNJ.N) unit to end a marketing agreement for its cancer diagnostic products.

The following month, Immunicon said it had retained Stifel, Nicolaus & Co to advise on financial and strategic alternatives. Immunicon shares closed Tuesday at 27 cents in Bulletin Board trading, Reuters data show. (Reporting by Jonathan Stempel in Bangalore; Editing by Deepak Kannan) ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net))

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