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news.Shares in ImClone Systems have climbed by around 5%, despite a financial statement from the company which showed its first net loss in four quarters. ImClone posted results that were not as bad as expected and revealed details of licensing deals relating to its colon cancer drug Erbitux.
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ImClone’s financial results were affected by a $75 million payment to settle a 2002 consolidated class-action shareholder lawsuit, which had accused the company of making false or misleading statements about the approval prospects for Erbitux.
Investors were, however, pleased to hear that the company had signed licensing agreements with Genentech and Johnson & Johnson for the rights to patents covering various aspects of antibody technology. The market had feared that potential litigation between the companies would affect ImClone’s future financial results.
ImClone also believes that a new late-stage clinical trial of Erbitux in combination with Genentech’s Avastin will firmly establish its drug in the area of colon cancer treatment.