ImClone, Bristol-Myers expand program |
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Fri, 27 Jul 2007 23:43
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NEW YORK (AP) - ImClone Systems Inc. and Bristol-Myers Squibb Co. said Friday that they expanded their clinical development program for cancer treatment Erbitux.The companies agreed to expand the investment in the ongoing clinical development plan for Erbitux by up to several hundred million dollars. Erbitux is currently approved to treat colorectal cancer as well as head and neck cancer.With the additional funding, the companies said they will seek to add more mid-stage and late-stage clinical trials to look at Erbitux in the treatment of other cancers.Development costs, up to a threshold value, will be the sole responsibility of Bristol-Myers Squibb. Costs above a certain value will be shared by both companies, according to a predetermined ratio.Shares of ImClone fell $1.16, or 3.3 percent, to end at $33.56.Shares of Bristol-Myers Squibb fell $1.21, or 4 percent, to close at $28.64.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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