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Author: davidMN Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 24974  
Subject: ImClone etc Date: 10/29/2002 11:10 AM
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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.html

sources say that Erbitux is not as effective in Euro trials with Merck as it seemed...........hmmmmmmmmm.........


David
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Author: joseph714 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13736 of 24974
Subject: Re: ImClone etc Date: 10/29/2002 8:58 PM
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And IMCL responds...

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Reuters
ImClone Denies Drug Report as Shares Fall
Tuesday 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.




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Author: joseph714 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13777 of 24974
Subject: Re: ImClone etc Date: 10/31/2002 5:40 PM
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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 Hours
Last: $8.26   After Hours
Best Bid: $8.35   After Hours
High: $8.74
After Hours
Volume: 280,012   After Hours
Best Ask: $8.43   After Hours
Low: $7.16

After Hours
Time (ET) After Hours
Price After Hours
Share Volume
17.20 $ 8.26 700
17.20 $ 8.27 200
17.20 $ 8.31 300
17.20 $ 8.27 500
17.20 $ 8.27 1100
17.20 $ 8.30 500
17.20 $ 8.35 300
17.20 $ 8.35 500
17.20 $ 8.36 1100
17.20 $ 8.35 300
17.19 $ 8.37 500
17.19 $ 8.37 500
17.18 $ 8.40 1900
17.18 $ 8.40 100
17.18 $ 8.37 800
17.18 $ 8.37 100
17.18 $ 8.37 2000
17.18 $ 8.39 100
17.17 $ 8.45 500
17.17 $ 8.44 162
17.17 $ 8.44 1000
17.17 $ 8.44 500
17.17 $ 8.44 500
17.17 $ 8.44 338
17.17 $ 8.44 400
17.17 $ 8.44 100
17.17 $ 8.32 400
17.17 $ 8.31 1000
17.16 $ 8.25 500
17.16 $ 8.29 500
17.16 $ 8.25 1200
17.16 $ 8.24 100
17.15 $ 8.18 300
17.15 $ 8.18 500
17.15 $ 8.18 500
17.15 $ 8.18 1000
17.15 $ 8.18 1000
17.15 $ 8.20 100
17.15 $ 8.20 900
17.15 $ 8.20 100
17.15 $ 8.20 1000
17.15 $ 8.24 200
17.14 $ 8.20 600
17.14 $ 8.23 200
17.14 $ 8.23 175
17.14 $ 8.23 200
17.14 $ 8.23 200
17.14 $ 8.30 500
17.14 $ 8.30 500
17.13 $ 8.20 400
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