Immunicon exchanges $3 million of 6% convertibles for stock

By Angela McDaniels

Tacoma, Wash., March 3 - Immunicon Corp. noteholders agreed to exchange $3 million of their 6% subordinated convertible promissory notes due 2009 for 3,571,344 shares of common stock, according to a company news release.

The company said it also prepaid $8.5 million of principal amount and accrued interest to the noteholders.

The agreement with the noteholders was reached on Feb. 29. Under the agreement, the notes were also amended so that Immunicon may now prepay any amount of notes without penalty and may list its common stock on the Over the Counter Bulletin Board, Nasdaq Capital Market and selected other exchanges while remaining compliant with the market covenants in the notes.

The notes were originally issued in December 2006 in the amount of $30 million in tandem with warrants to purchase shares of Immunicon's common stock.

Huntingdon Valley, Pa.-based Immunicon is developing and commercializing cell- and molecular-based diagnostic and research products with an initial focus on cancer disease management.

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