ImClone Shares Plummet After Erbitux Fails in Cancer Study

ImClone Systems said that a late-stage trial of its cancer drug Erbitux failed to improve overall survival in patients with pancreatic cancer. Imclone shares fell as much as 11% to $37.58 following the announcment.

The New York-based biotechnology company and its partner Bristol-Myers Squibb said Erbitux in combination with chemotherapy did not meet the main goal of the trial, which compared patients with locally advanced unresectable or metastatic pancreatic cancer who took Erbitux plus chemotherapy with patients who took chemotherapy alone.

Erbitux is currently approved to treat colorectal cancer and head and neck cancer.

The 700-patient trial was conducted by the Southwest Oncology Group.