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June 09, 2005

Finally, some good news for ImClone

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Posted by Dominic Basulto

By now, most people have forgotten whether Martha Stewart sold shares or bought shares of ImClone. Well, it looks like it's finally time to buy shares of the scandal-tainted ImClone. The company confirmed that a late-stage study indicated that its Erbitux drug is effective in preventing the spread of head and neck cancer. On the news, shares of ImClone spiked 13% in Wednesday trading. (The news had been reported earlier in the year, but investors were unwilling to act until an independent review panel had confirmed the results.)

There's also more good news for ImClone: controversial finacier Carl Icahn could triple his stake in the company, from 6% to 18%, in a renewed sign of confidence that the company has put the worst of its troubles behind it.

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