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BUSINESS
April 28, 2004 | From Dow Jones/Associated Press
Biotechnology company ImClone Systems Inc.'s first-quarter earnings blew past consensus expectations because of the strength of its colon-cancer drug Erbitux, which recently hit the market. ImClone posted a profit of $62.7 million, or 76 cents a share, contrasted with a loss of $34.8 million, or 47 cents, a year earlier. Analysts on average had expected 17 cents a share, according to a survey by Thomson First Call. ImClone reported revenue of $109.
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BUSINESS
November 6, 2009 | Times Wire Reports
Amgen Inc. shares rose after study results for the cancer drug Vectibix led at least one analyst to equate the medicine with rival treatment Erbitux from Eli Lilly & Co. Vectibix failed to meet a statistical threshold for prolonging lives, the Thousand Oaks company said. Still, the results were like those found in a study of Erbitux, said Geoff Porges, an analyst at Sanford C. Bernstein & Co. in New York. Amgen is seeking U.S. regulatory approval to promote Vectibix as a first-line treatment.
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BUSINESS
April 21, 2009 | TIMES WIRE REPORTS
Eli Lilly & Co. said profit rose 23% after the drug maker added sales of the Erbitux cancer drug from its purchase of ImClone Systems Inc. in November. First-quarter net income increased to $1.31 billion, or $1.20 a share, from $1.06 billion, or 97 cents, a year earlier, the Indianapolis company said. Earnings excluding acquisition costs and other one-time items were $1.20 a share, beating the 99-cent average estimate of analysts surveyed by Bloomberg. Revenue increased 5% to $5.05 billion.
BUSINESS
April 21, 2009 | TIMES WIRE REPORTS
Eli Lilly & Co. said profit rose 23% after the drug maker added sales of the Erbitux cancer drug from its purchase of ImClone Systems Inc. in November. First-quarter net income increased to $1.31 billion, or $1.20 a share, from $1.06 billion, or 97 cents, a year earlier, the Indianapolis company said. Earnings excluding acquisition costs and other one-time items were $1.20 a share, beating the 99-cent average estimate of analysts surveyed by Bloomberg. Revenue increased 5% to $5.05 billion.
BUSINESS
June 17, 2002 | JUSTIN GILLIS, WASHINGTON POST
The previously unidentified consultant who obtained and passed along critical information in the ImClone Systems Inc. stock scandal was Samuel D. Turner, a prominent lawyer and Capitol Hill lobbyist who has long represented health-care interests in Washington and has cultivated ties at the Food and Drug Administration.
BUSINESS
June 27, 2003 | From Bloomberg News
ImClone Systems Inc. said it got $3 million from European partner Merck for meeting a goal in developing its cancer drug Erbitux. The biotechnology company plans to seek U.S. approval of Erbitux for colon cancer this year. Darmstadt, Germany-based Merck will seek European clearance. ImClone shares rose $1.35, or 4.2%, to $33.50 on Nasdaq.
BUSINESS
November 6, 2009 | Times Wire Reports
Amgen Inc. shares rose after study results for the cancer drug Vectibix led at least one analyst to equate the medicine with rival treatment Erbitux from Eli Lilly & Co. Vectibix failed to meet a statistical threshold for prolonging lives, the Thousand Oaks company said. Still, the results were like those found in a study of Erbitux, said Geoff Porges, an analyst at Sanford C. Bernstein & Co. in New York. Amgen is seeking U.S. regulatory approval to promote Vectibix as a first-line treatment.
BUSINESS
September 12, 2008 | From Times Wire Services
Drug maker Bristol-Myers Squibb Co. reiterated its $60-a-share offer for ImClone Systems Inc., avoiding a bidding war for now, even though the New York biotechnology company has said a secret suitor is offering $10 a share more. Bristol-Myers, which has a partnership with ImClone to sell its only product, the cancer drug Erbitux, also said it wouldn't agree to any changes in its long-term marketing rights for the blockbuster drug. Bristol-Myers, also based in New York, gets 61% of Erbitux's U.S. and Canadian sales, or roughly one-quarter of global sales, which could approach $2 billion this year.
SCIENCE
February 7, 2009 | From Times Staff and Wire Reports
Doctors thought that combining two newer drugs, Erbitux and Avastin, that more precisely attack cancer would help people with advanced colon cancer. Instead, it made the disease worse and made the patients more miserable, a study found. "This will stand out as a warning," said Dr. Cornelis Punt, the study's leader. "You have to do the randomized studies to see what really happens." The study was published in Thursday's New England Journal of Medicine.
BUSINESS
December 29, 2001 | Bloomberg News
ImClone Systems Inc. said the Food and Drug Administration asked for more information on its drug Erbitux, a move that may delay approval of the cancer treatment. ImClone plans to meet with the FDA as soon as possible to discuss what information needs to be provided to regulators. After meeting with regulators, it will be able to assess how long this will delay its application, the company said. "This drug is critical to them.
SCIENCE
February 7, 2009 | From Times Staff and Wire Reports
Doctors thought that combining two newer drugs, Erbitux and Avastin, that more precisely attack cancer would help people with advanced colon cancer. Instead, it made the disease worse and made the patients more miserable, a study found. "This will stand out as a warning," said Dr. Cornelis Punt, the study's leader. "You have to do the randomized studies to see what really happens." The study was published in Thursday's New England Journal of Medicine.
BUSINESS
October 2, 2008 | From Bloomberg News
ImClone Systems Inc., the cancer drug maker controlled by billionaire Carl Icahn, said Wednesday that a pharmaceutical company had proposed acquiring it in a deal that was not subject to financing or further due diligence. The prospective buyer requested its name not be divulged yet, ImClone said. Earlier, the Wall Street Journal reported that Eli Lilly & Co. was in talks with ImClone. Lilly, based in Indianapolis, is facing generic competition to its $1.
BUSINESS
September 12, 2008 | From Times Wire Services
Drug maker Bristol-Myers Squibb Co. reiterated its $60-a-share offer for ImClone Systems Inc., avoiding a bidding war for now, even though the New York biotechnology company has said a secret suitor is offering $10 a share more. Bristol-Myers, which has a partnership with ImClone to sell its only product, the cancer drug Erbitux, also said it wouldn't agree to any changes in its long-term marketing rights for the blockbuster drug. Bristol-Myers, also based in New York, gets 61% of Erbitux's U.S. and Canadian sales, or roughly one-quarter of global sales, which could approach $2 billion this year.
BUSINESS
January 25, 2005 | From Dow Jones/Associated Press
ImClone Systems Inc. said it agreed in principle to settle two lawsuits related to the failed regulatory application for its cancer drug Erbitux. The settlements will cause the New York-based biotechnology company to take a charge of $55.4 million in the fourth quarter, the company said.
BUSINESS
January 15, 2005 | From Bloomberg News
ImClone Systems Inc.'s Erbitux and Genentech Inc.'s Avastin medicines will be tested in a U.S. government-sponsored study comparing treatments for newly diagnosed colon cancer patients. Researchers scrapped an earlier study of chemotherapy and Erbitux because doctors were reluctant to use ImClone's drug instead of Avastin, which won approval after the Erbitux trial was designed. The new study will begin this year, Alan Venook, the doctor who is leading the research, said Friday.
BUSINESS
April 28, 2004 | From Dow Jones/Associated Press
Biotechnology company ImClone Systems Inc.'s first-quarter earnings blew past consensus expectations because of the strength of its colon-cancer drug Erbitux, which recently hit the market. ImClone posted a profit of $62.7 million, or 76 cents a share, contrasted with a loss of $34.8 million, or 47 cents, a year earlier. Analysts on average had expected 17 cents a share, according to a survey by Thomson First Call. ImClone reported revenue of $109.
BUSINESS
February 13, 2002 | From Bloomberg News
ImClone Systems Inc. on Tuesday rejected partner Bristol-Myers Squibb Co.'s demands to remove top executives and hand over control of their stalled cancer drug, Erbitux. Bristol-Myers is considering legal and business options and will decide after a meeting with regulators Feb. 26, Chief Executive Peter Dolan told ImClone in a letter. Earlier, Bristol-Myers, the largest maker of cancer drugs, threatened to walk away from their partnership if ImClone rejected its terms.
BUSINESS
January 15, 2005 | From Bloomberg News
ImClone Systems Inc.'s Erbitux and Genentech Inc.'s Avastin medicines will be tested in a U.S. government-sponsored study comparing treatments for newly diagnosed colon cancer patients. Researchers scrapped an earlier study of chemotherapy and Erbitux because doctors were reluctant to use ImClone's drug instead of Avastin, which won approval after the Erbitux trial was designed. The new study will begin this year, Alan Venook, the doctor who is leading the research, said Friday.
BUSINESS
February 13, 2004 | Denise Gellene, Times Staff Writer
Erbitux, the cancer drug at the center of the ImClone Systems Inc. stock-sale scandal, was approved for sale by the Food and Drug Administration on Thursday. The action came more than two years after the agency refused to consider the drug, and company founder Samuel D. Waksal tried to sell his ImClone shares before he told investors the bad news. Waksal is in prison and his friend Martha Stewart is on trial after allegedly relying on inside information to sell her shares.
BUSINESS
September 16, 2003 | From Associated Press
John Mendelsohn, the prominent cancer specialist who discovered ImClone Systems Inc.'s star experimental drug, Erbitux, on Monday ended his official affiliation with the company as a new board was elected. Shareholders chose a new board Monday at ImClone's annual meeting, and Mendelsohn did not seek reelection. He had been on the board since 1998. Mendelsohn, who is president of the M.D. Anderson Cancer Center in Houston, is the latest member to leave the board.
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