| |
Thursday, October 8, 1998 11:09 PM
NEW YORK, Oct 8 (Reuters) - ImClone Systems Inc. may be in a deal involving a European pharmaceutical company, said Jim McCamant, editor of the Medical Technology Stock Letter, in an article in the October 19 issue of Business Week.
ImClone shares traded between 12 and 14, in part because the company developed exciting anti-cancer products, but primarily because of rumors that a pact with a strategic partner was imminent, said the article.
In late September, however, many investors abandoned the stock which closed at a 1998 low of 5-15/16 on October 6.
McCamant says this new partner will either take a significant equity stake in ImClone or license its lead compound, C225, now in Phase III clinical trials to treat head and neck cancer, such as mouth or throat cancer. The company is also conducting trials for C225 as a therapy for renal cell cancer.
McCamant said in the article that he expects the stock to double once a partner is announced.
Shares of ImClone closed at 6-7/16, up 1/4, on the Nasdaq Stock Market.
Officials were not available at ImClone to answer phone calls. |
|
