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Biotech / Medical : Imclone systems (IMCL)

IMCL 0.159

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Oct 5 5:00 PM EST

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To: The Fox who wrote (2000)	2/12/2002 11:19:01 AM
From: quidditch	Read Replies (2) of 2515

IMCL Board says uh uh to BMY: NEW YORK, Feb 12 (Reuters) - ImClone Systems Inc. on Tuesday rejected demands by Bristol-Myers Squibb Co. that it surrender a greater share of future profit from a cancer drug the companies are developing and that its two top executives step down. The Bristol-Myers (BMY - news) demands followed the U.S. Food and Drug Administration's rejection of a marketing application for the drug and an ImClone statement that new trials of the medicine may be needed. ImClone (IMCL - news) said there was no need to renegotiate original terms of an agreement with New York-based drug giant Bristol-Myers to co-develop and co-market the colon cancer drug Erbitux. ImClone said it "looks forward" to working with Bristol-Myers under their original agreement for the drug. It said it would like to meet with senior Bristol-Myers management to "explore ways in which the company, together with Bristol-Myers Squibb, can work most effectively to obtain FDA approval" for the product. quid

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