NEW YORK - Positive results from a study involving Imclone Systems Inc.'s cancer drug Erbitux is raising the company's market value by nearly a quarter Tuesday, but some think it will take a lot longer before any effect is seen on the company's bottomline.
A study released this morning from Imclone's overseas marketing partner for Erbitux, Merck KGaA (MRK.XE), met its primary endpoint of increased survival rates in treating advanced non-small cell lung cancer when used in combination with chemotherapy. That type of lung cancer currently has limited treatment options and would add another market for the drug.
Remember that Erbitux was one of the first targeted drug therapies using monoclonal antibodies. Erbitux is targeted to the epidermal growth factor receptor family of proteins that are located on the cell surface. Once bound, the antibody neutralizes the signaling pathways that the receptors use to tell the cell to grow.
IMCL stock closed trading today +6.97 or 18% in afternoon trading and another 23 cents upward in after hours trading.
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