What a Difference a Few Years Can Make!!!
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The Motley Fool published a synopsis today on the surprising strength of ImClone’s anti-cancer pipeline. According to the article, the company is conducting Phase 2 clinical trials on two new cancer treatments; an anti-insulin-like growth factor-1 receptor monoclonal antibody as a treatment for late stage metastatic prostate cancer and vascular endothelial growth factor receptor (VEGFR) inhibitor as a treatment for metastatic kidney cancer in patients who have failed with other VEGF inhibitors. Both drug candidates are highly touted and stock analysts are anxiously awaiting the results of these trials. Speaking of stocks, ImClone is trading around $35 per share, a stock price that is higher than Pfizer or Schering Plough.
For those of you who don’t remember the ImClone scandal, it resulted in Sam Waksal (ImClone’s CEO and founder) and Martha Stewart (Sam’s friend) going to prison and is partly responsible for the resignation of Bristol Myers Squibb’s previous CEO. Despite all of ImClone’s critics, Erbitux® has turned out to be a pretty good treatment for advanced colon cancer and the company is making money as a result. This has provided ImClone with the largesse to build a new manufacturing facility and add jobs in New Jersey (as I reported in a previous post).
Everyone (Stan Yakatan and I) thought that ImClone was finished a mere five years ago. What a difference a few years can make in this business!
Until next time…..
Good Luck and Good Job Hunting!!!!!!!!!!!!!
