Posted on January 2, 2008 by BioJobBlogger

ImClone: The Phoenix Rises

Remember the Sam Waksal-Martha Stewart insider trading scandal that rocked the financial world in the late 90s and early 2000s? What about Peter Dolan, the former BMS CEO, who plunked down $2.0 billion for an unproven colon cancer fighting drug Erbitux being developed by ImClone, a dubious biotechnology company?

Well, guess what? . At years end, ImClone’s stock price had spiked 65 percent! This is because Wall Street remained bullish on the company’s only product Erbitux, which has been approved to treat colon and some head and neck cancers. ImClone’s gains are in marked contrast with Amgen and Genentech losses, two of the world’s largest biotechnology companies, whose share prices declined 31 and 17 percent respectively in 2007.

Big biotech companies like Amgen and Genentech better watch their backs— much smaller and nimble companies like Gilead Sciences and OSI Pharmaceuticals also posted large gains in 2007.

As always, good science begets large profits. Despite BMS’s recent troubles, it executives certainly know how to recognize good science to create products that fulfill unmet medical needs!

Until next time….

Good Luck and Good Job Hunting!!!!!!!!!!!!

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Posted on September 4, 2007 by BioJobBlogger

What a Difference a Few Years Can Make!!!

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!!!!!!!!!!!!!

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