Erbitux effective in cancer trial

Imclone announced that a late-stage trial shows that Erbitux combined with radiation therapy can prevent the spread of head and neck cancer. The drug proved statistically significant in both survival and progression-free survival among patients with head and neck cancer. The drug has already been approved for colorectal cancer.

"Head and neck cancer remains a disease with too few treatment options and no new therapeutic product approvals in over a decade," said Eric K. Rowinsky, chief medical officer of ImClone. "We look forward to discussing the next steps toward a regulatory filing with the FDA."

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ALSO: Wall Street financier Carl Icahn has indicated his intention to increase his stake in Imclone. He currently owns 6 percent of the company's stock.