ERBITUX Approved in Japan for Colorectal Cancer
ImClone Systems Incorporated (NASDAQ: IMCL) is seeing a slight gain this morning after the company announced that ERBITUX(R) has received final marketing authorization in Japan to treat patients with advanced or metastatic colorectal cancer (mCRC).
ERBITUX will be used to treat Japanese patients with epidermal growth factor receptor (EGFR)-positive, curatively unresectable (inoperable), advanced or recurrent CRC, and has the use of ERBITUX plus irinotecan in second and further lines of mCRC. ERBITUX is now the first ever EGFR-targeted monoclonal antibody to receive marketing authorization in Japan.
Bristol-Myers Squibb (NYSE: BMY) has been Imclone’s commercialization partner. We would also note that Merck KGAA (the German Merck, not U.S.) was also in the pact that was sent in for approval back in 2007.
We have seen minimal trading so far, but as of 8:45 AM EST we have seen 1,000 shares trade and shares are indicated up over 0.5% at $41.50. Its 52-week range is $30.34 to $49.18 and it trades an average daily volume of about 1.8 million shares.
Jon Ogg
July 16, 2008