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  • meddeviceinvestor meddeviceinvestor Dec 18, 2007 3:03 PM Flag

    Ed Nash 12/3/07 update

    I noticed that nobody posted this, here are Ed's final thoughts with regard to the Colorectal approval:

    While we believe that these data, and this filing, contribute to the overall
    story, we note that the overhang provided by the ongoing arbitration with
    Veridex will dampen the impact of this announcement on shares. We note that
    the arbitration is expected to resolve in 1Q08 and believe that investors
    will return to this story with greater confidence once the uncertainty in
    Immunicon's marketing partnership has been resolved.
    * We remain bullish on the technology, however, sympathize with investor
    caution until we observe the outcome of Immunicon's arbitration with
    Veridex. We maintain our Buy rating on shares and a $4 target based on a 35x
    multiple of 2010E EPS, discounted back 30%.

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    • Well stated. The CRC FDA approval is great news, but like any ex-ante uncertainty, once removed come March 08 with the Veridex/Immunicon arbitration decision, we as investors will have a lot more clarity for our shares. No one on this list needs a lecture in the benefit of removing any uncertainty, I, too, welcome a post-arbitration decision world.

      From an buying/selling perspective, Ed Nash's belief in the underlying commercial and clinical value of Immunicon's products** bodes well for investors who are currently buying or are long on IMMC.

      **CellSearch CTC test assay, CTC pharma service business, and other rare cell analysis business units: EasyCount and IMMC's other genetic cancer cell rare cell analysis services.