ImClone Loss Wider Than Expected
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ImClone Systems Inc.’s shares fell after the biotechnology company’s first-quarter loss widened and German partner Merck refused to expand trials that might help win U.S. approval of their cancer drug Erbitux.
ImClone and U.S. partner Bristol-Myers Squibb Co. have been counting on Merck’s trials to win U.S. Food and Drug Administration approval of Erbitux after the agency last December found ImClone’s research wanting and refused to consider the drug.
ImClone shares fell $1.99 to $13.06 on Nasdaq.
New York-based ImClone said its first-quarter loss widened to $30million, or 41 cents a share, from $1.2million, or 2 cents, a year earlier, as it spent more to get Erbitux approved and received lower payments from Bristol-Myers.
Wall Street expected a loss of 34 cents a share.
Revenue declined 34% to $18.6million.
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