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ImClone Systems Issues Statement

NEW YORK, Sept. 29, 2008--(BUSINESS WIRE)--ImClone Systems Incorporated (NASDAQ: IMCL) announced today that the large Pharma company that had made an offer to acquire ImClone at $70 per share, subject to due diligence, but not financing, has informed ImClone that by 11:59 pm on Wednesday, October 1, 2008, they will either make a proposal, that is no longer subject to due diligence, or withdraw. As has been mutually agreed, if they withdraw and negotiations have thus been ended, the name of the company will be disclosed.

About ImClone Systems

ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. The Companys research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone Systems headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey. For more information about ImClone Systems, please visit the Companys web site at http://www.imclone.com.

Forward Looking Information

Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those currently expected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission, particularly those factors identified as risk factors in the Companys most recent annual report of Form 10-K and in its quarterly reports on Form 10-Q and current reports on Form 8-K. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

Contacts

ImClone Systems Incorporated
Corporate Communications
Tracy Henrikson, 908-243-9945
MEDIA@IMCLONE.COM
or
Rebecca Gregory, 646-638-5058

 

Permalink: http://www.businesswire.com/news/home/20080929005695/en

Posted: September 2008


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