Another example of the cockroach problem. Is Erbitux as good as people thought? I suspected after reading about Waksal's history of (alleged) scientific fraud that the trials' results might have been exaggerated.....seems like that suspicion might be correct:http://www.thestreet.com/tech/adamfeuerstein/10050784.htmlsources say that Erbitux is not as effective in Euro trials with Merck as it seemed...........hmmmmmmmmm.........David
And IMCL responds...Welcome [Sign In] To track stocks & more, Register Financial NewsEnter symbol(s) Get Symbol Lookup ReutersImClone Denies Drug Report as Shares FallTuesday October 29, 4:32 pm ET By Toni Clarke NEW YORK (Reuters) - ImClone Systems Inc.'s (NasdaqNM:IMCL - News) shares fell 10 percent on Tuesday after a report on a Web site said the company's cancer drug may have failed an important European trial. Choose loan type:Go! ImClone and its German partner, Merck KGaA (Frankfurt:MRCG.F - News), both denied the report, which appeared on TheStreet.com, a financial Web site."It is definitely not true," said Bernhard Ehmer, head of oncology at Merck KGaA, which is conducting the European trial of Erbitux, a cancer drug that was rejected by U.S. regulators last year because of faults in the design of the U.S. trial.Investors have come to react quickly and ruthlessly to any bad news about ImClone, whose former chief executive, Samuel Waksal, recently pleaded guilty to charges of insider stock trading in a scandal that has also tarnished the reputation of his friend, the home-making expert Martha Stewart.The European trial of Erbitux could be crucial in determining whether the drug gets approved, not only in Europe, but in the United States, the world's biggest drug market.The U.S. Food and Drug Administration has agreed to consider the results of the European trial as part of a renewed application that ImClone and its U.S. partner, Bristol-Myers Squibb Co. (NYSE:BMY - News), make with the agency.ImClone said the report in TheStreet.com -- which cited an unnamed fund manager and an unnamed oncologist in the United States who said they had been in contact with doctors involved in the European trial -- was "irresponsible" and "premature."Merck KGaA, which is not related to the U.S. drugmaker of the same name, said it will stop collecting clinical data at the end of the year but the analysis won't be completed until the first quarter of next year."There is no way anyone can say at this time that it failed," said Ehmer.ImClone's shares fell 83 cents to $7.18 on Nasdaq.Phyllis Carter, a spokeswoman for Merck KGaA, said the company would probably release its data at the American Society of Clinical Oncology's annual meeting at the end of May.Merck KGaA has European rights to Erbitux while ImClone and Bristol-Myers have North American rights.ImClone is also working on new trials of Erbitux in colorectal, head-and-neck, pancreatic and lung cancer.
And lets take note of some pretty massive after hrs. trading up in a fairly large fashion...This from the nasdaq web site... After Hours Trade Reporting Thursday October 31 After HoursLast: $8.26 After HoursBest Bid: $8.35 After HoursHigh: $8.74After HoursVolume: 280,012 After HoursBest Ask: $8.43 After HoursLow: $7.16 After HoursTime (ET) After HoursPrice After HoursShare Volume17.20 $ 8.26 70017.20 $ 8.27 20017.20 $ 8.31 30017.20 $ 8.27 50017.20 $ 8.27 110017.20 $ 8.30 50017.20 $ 8.35 30017.20 $ 8.35 50017.20 $ 8.36 110017.20 $ 8.35 30017.19 $ 8.37 50017.19 $ 8.37 50017.18 $ 8.40 190017.18 $ 8.40 10017.18 $ 8.37 80017.18 $ 8.37 10017.18 $ 8.37 200017.18 $ 8.39 10017.17 $ 8.45 50017.17 $ 8.44 16217.17 $ 8.44 100017.17 $ 8.44 50017.17 $ 8.44 50017.17 $ 8.44 33817.17 $ 8.44 40017.17 $ 8.44 10017.17 $ 8.32 40017.17 $ 8.31 100017.16 $ 8.25 50017.16 $ 8.29 50017.16 $ 8.25 120017.16 $ 8.24 10017.15 $ 8.18 30017.15 $ 8.18 50017.15 $ 8.18 50017.15 $ 8.18 100017.15 $ 8.18 100017.15 $ 8.20 10017.15 $ 8.20 90017.15 $ 8.20 10017.15 $ 8.20 100017.15 $ 8.24 20017.14 $ 8.20 60017.14 $ 8.23 20017.14 $ 8.23 17517.14 $ 8.23 20017.14 $ 8.23 20017.14 $ 8.30 50017.14 $ 8.30 50017.13 $ 8.20 400Next
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