ERBITUX SHOWS PROMISE ImClone's
Posted by Douglas Sorocco, February 11, 2004 at 12:11 pm
ERBITUX SHOWS PROMISE
ImClone's Cancer Drug Is Back, and U.S. Approval Is Expected. Analysts expect the F.D.A. to approve Erbitux, the cancer drug from ImClone Systems, whose rejection led to the downfall of ImClone's chief and to Martha Stewart's trial. By Andrew Pollack. [New York Times: Business]
2.13.04 Update: Erbitux was approved by the FDA on Feb. 12th, 2004 for the treatment of colon cancer. Erbitux blocks a growth factor on colorectal tumor cells which can lead to shrinkage of some tumors and also delay their growth. Best results appear to come from a combination therapy of using Erbitux with additional chemotherapy procedures.
A day after the FDA's approval, ImClone's stock rose as much as 39% in trading. Interesting side note, the SEC said the Nasdaq is investigating possible suspicious trading of the stock, which was halted on Thursday afternoon after falling $9.99 to $33.11, shortly before the Erbitux approval was announced.
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<date name="when" value="Wed, 11 Feb 2004 22:11:35 GMT