ImClone Systems Inc., whose problems with the Food and Drug Administration led to a stock scandal, on Thursday posted a wider first-quarter loss on rising expenses.
The New York-based cancer drug developer said its net loss was $34.8 million, or 47 cents a share, compared with a loss of $30.1 million, or 41 cents a share, a year earlier. Revenue rose 5.5% to $19.6 million from $18.6 million.
Operating expenses in the quarter were $53.9 million, compared with $48.2 million last year.
Shares of ImClone rose 87 cents to $32.86 on Nasdaq.