IMCL<-------Merck owns distribution rights..its pretty good stuff and long tERM its probably a great stock to own..looks they got a 5 millin dolllar payment which is poretty rare..read on ...
DJN =ImClone Up -2: Co. Says Trial To Last About 30 Months >IMCL
Mar 10 1999 9:32
NEW YORK (Dow Jones)--ImClone Systems Inc.'s (IMCL) shares
ained as much as 13% Wednesday as investors digested the news
hat the Food and Drug Administration gave the go-ahead for a
hase III clinical trial of ImClone's cancer treatment, C225.
As a result, Germany's Merck KGaA, ImClone's corporate partner
n the development of C225, awarded the company a $5 million milestone
ayment.
The trial, the final stage before ImClone can seek approval
rom the FDA to market the drug, will use C225 in combination
ith radiation therapy to treat patients with advanced squamous
ell head and neck cancer. C225, a monoclonal antibody that inhibits
ancer cell growth in certain solid tumors, will be administered
o about 416 patients in over 25 clinical sites in the U.S. and
urope.
According to Andrea F. Rabney, ImClone's senior director of
orporate development and investor relations, the enrollment and
ubsequent trial should take about two and a half years, putting
he rollout of the drug at the end of 2001 or in early 2002.
Page 2 of 2
Initial word of the company's meeting with the FDA pushed the
stock slightly higher Tuesday adding 1/4, or 2.3%, to end at 11
as investors awaited more definitive news. Later Tuesday, the
company confirmed that the meeting was successful, enabling enrollment
for the trial to begin.
ImClone's shares recently traded 1, or 9.1%, higher at 12,
on Nasdaq volume of 460,500 shares, compared with average daily
volume of 259,400.
(MORE) DOW JONES NEWS 03-10-99
12:32 PM
|
