ImClone Systems saw its share price rise by almost 9% during trading on the Nasdaq Stock Exchange yesterday in what was a good day news-wise for the US biotechnology company, with better than expected financial results, and a licensing deals for its colorectal cancer drug, Erbitux (cetuximab).
Although a one-time litigation charge of some $55.4 million dollars to settle two insider-trading lawsuits [[25/01/05a]], meant that the company reported a net loss of $13.2 million – or a loss of $0.16 per share – without this charge, the firm would have seen income of $0.48 per share, versus a $0.35 per share loss in the corresponding quarter of 2003.
Total revenues for the fourth quarter of 2004 were $107 million, versus $20 million for the same period last year, and $95 million in the third quarter of 2004, including some $88 million from sales of Erbitux, which was launched last year [[13/02/04b]].
“ImClone has experienced dramatic and immediate transition, growth and profitability in 2004 with the approval of Erbitux,” said the firm’s chief executive, Daniel Lynch. “As we move into 2005, we look forward to the continued evolution of our business model and the implementation of a disciplined, focused investment program for the growth of our business.”
Investors also welcomed the news that the company had signed agreements with Genentech and Centocor for the rights to patents covering various aspects of antibody technology and certain use of epidermal growth factor receptor antibodies relating to Erbitux.