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ImClone Systems to Disclose the Result of a Phase III Study before End of Week

NEW YORK--(BUSINESS WIRE)--Jan 7, 2007 - ImClone Systems Incorporated (NASDAQ: IMCL) today announced that it expects to disclose the result of a Phase III study of ERBITUX(R) (cetuximab) plus FOLFIRI (an irinotecan-based chemotherapy) in patients with previously untreated metastatic colorectal cancer, before the end of the week of January 8, 2007. In light of this information pending announcement, the Company further announced that it is withdrawing from participation in the JPMorgan Healthcare Conference. Investigator data from the trial, known as the CRYSTAL(1) study, is currently being reviewed and analyzed by statisticians and independent investigators. The study was conducted by Merck KGaA, Darmstadt, Germany, ImClone Systems' ERBITUX partner outside of North America.

About ImClone Systems Incorporated

ImClone Systems Incorporated is 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 Company's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone Systems' strategy is to become a fully integrated biopharmaceutical company, taking its development programs from the research stage to the market. ImClone Systems' headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey.

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 projected. 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 including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-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.

(1) Cetuximab combined with iRinotecan in first line therapY for metaSTatic colorectAL cancer


ImClone Systems Incorporated
Andrea F. Rabney, 646-638-5058
David M. F. Pitts, 646-638-5058

Posted: January 2007