ImClone Stock Soars on News From FDA
Reuters
ImClone Systems Inc. said U.S. regulators may consider its request to bring a colon cancer drug to market if the biotech company resubmits its U.S. clinical data and includes new data from Europe.
The decision means the drug, Erbitux, could be on the market by the middle of 2003, analysts said. That would be more than a year later than ImClone had hoped for, but not as late as some had feared after the Food and Drug Administration refused to accept the company’s first application last year.
New York-based ImClone’s shares soared $5.01, or 32.3%, to $20.53 on Nasdaq. Shares of partner Bristol-Myers Squibb Co. rose $1.98 to $47.49 on the New York Stock Exchange.
