ImClone falls on Erbitux rumors

IMCL was off $0.83 (10%) to $7.18 on Tuesday after TheStreet.com reported that two unnamed sources said the company's Erbitux anti-EGFr antibody may have failed in a European colorectal cancer trial conducted by partner Merck KGaA (FSE:MRK). In a press release following the report, IMCL said the "story is premised solely on unsubstantiated rumor." IMCL also said that " Merck KGaA has said that the clinical data cutoff for the study is at the end of the year and data analysis is expected in the first quarter of 2003." ...