ImClone Systems
ImClone Systems is a biopharmaceutical company that was established in 1984. It is known for its development of targeted treatments for cancer. The company was acquired by Eli Lilly and Company in 2008.
History
ImClone Systems was founded by Samuel Waksal, a scientist and entrepreneur, in 1984. The company initially focused on the development of monoclonal antibodies to treat cancer. In 1992, ImClone Systems went public, trading on the NASDAQ stock exchange.
In 2001, the company submitted a Biologics License Application (BLA) to the Food and Drug Administration (FDA) for its lead product, Erbitux (cetuximab), a monoclonal antibody for the treatment of colorectal cancer. However, the FDA rejected the application in 2002, leading to a significant drop in the company's stock price.
In 2008, ImClone Systems was acquired by Eli Lilly and Company, a global pharmaceutical company, for $6.5 billion. Following the acquisition, ImClone Systems became a fully owned subsidiary of Eli Lilly and Company.
Products
ImClone Systems' most notable product is Erbitux, which was eventually approved by the FDA in 2004 for the treatment of colorectal cancer. Erbitux works by inhibiting the epidermal growth factor receptor (EGFR), a protein that is often overexpressed in cancer cells.
In addition to Erbitux, ImClone Systems has developed several other monoclonal antibodies for the treatment of various types of cancer. These include Necitumumab for the treatment of non-small cell lung cancer, and Ramucirumab for the treatment of gastric cancer and colorectal cancer.
Controversies
ImClone Systems has been involved in several controversies. The most notable of these is the insider trading scandal involving the company's founder, Samuel Waksal, and lifestyle guru Martha Stewart. In 2002, Waksal was arrested and charged with insider trading for attempting to sell his shares in ImClone Systems ahead of the FDA's rejection of the Erbitux BLA. Stewart was also implicated in the scandal and was later convicted of lying to investigators about her sale of ImClone Systems stock.
See also
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