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Immunicon cuts 40 pct of staff, sees Q1 charge of $1.3-$1.5 mln

Mon Mar 10, 2008 7:07am EDT

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March 10 (Reuters) - Immunicon Corp IMMC.O said it was reducing about 40 percent of its full-time staff and will take a related severance charge of $1.3 million to $1.5 million during the first quarter.

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The company said the workforce reduction reflects its revenue outlook, current expense structure and the potential effect from the arbitrator's ruling against the company.

Earlier last week, the American Arbitration Association dismissed Immunicon's claims of breach of contract against Veridex LLC, a unit of Johnson & Johnson (JNJ.N), and awarded Veridex contract damages of $304,013. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Amitha Rajan)

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