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CNN Live At Daybreak
ImClone Cancer Drug Erbitux Shows Positive Results
Aired June 02, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. Some experimental cancer drugs are showing promising results.
Let's go live to New York and Susan Lisovicz to find out what drugs we're talking about.
Good morning -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS: Good morning, Carol.
Well, there are several of them, which is great news for the biotech industry, but even better news for those patients suffering from colorectal cancer. And one of them may be familiar to our viewers. That drug is called Erbitux, the colon cancer drug from ImClone that brought down the company's founder, Sam Waksal, and has Martha Stewart in hot water, you'll remember. Of course, they both dumped shares a day before the FDA rejected an initial application.
But new research presented at an annual oncologists' conference here in New York shows the drug is effective in shrinking tumors and may even extend life when taken with chemotherapy. Some analysts say the results may pave the way for FDA approval.
And, Carol, shares of ImClone jumped 20 percent on Friday, nearing a 52-week high, closed at $28.50.
There are also two other drugs that are showing promise in the treatment of colon cancer. One is from Genentech and the other one is from Astra Zeneca.
Good news, of course, as I had mentioned, for patients suffering from colorectal cancer, but kind of ironic for those people who dumped shares of ImClone.
COSTELLO: I was just going to say, irony of ironies. Who would have thunk it?
LISOVICZ: And you know, Sam Waksal had said at the time that he believed in the drug. He probably should have held onto it.
COSTELLO: Well, then he shouldn't have dumped his stock. Susan Lisovicz, thanks very much. We'll get back to you in our next half- hour.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired June 2, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. Some experimental cancer drugs are showing promising results.
Let's go live to New York and Susan Lisovicz to find out what drugs we're talking about.
Good morning -- Susan.
SUSAN LISOVICZ, CNN FINANCIAL NEWS: Good morning, Carol.
Well, there are several of them, which is great news for the biotech industry, but even better news for those patients suffering from colorectal cancer. And one of them may be familiar to our viewers. That drug is called Erbitux, the colon cancer drug from ImClone that brought down the company's founder, Sam Waksal, and has Martha Stewart in hot water, you'll remember. Of course, they both dumped shares a day before the FDA rejected an initial application.
But new research presented at an annual oncologists' conference here in New York shows the drug is effective in shrinking tumors and may even extend life when taken with chemotherapy. Some analysts say the results may pave the way for FDA approval.
And, Carol, shares of ImClone jumped 20 percent on Friday, nearing a 52-week high, closed at $28.50.
There are also two other drugs that are showing promise in the treatment of colon cancer. One is from Genentech and the other one is from Astra Zeneca.
Good news, of course, as I had mentioned, for patients suffering from colorectal cancer, but kind of ironic for those people who dumped shares of ImClone.
COSTELLO: I was just going to say, irony of ironies. Who would have thunk it?
LISOVICZ: And you know, Sam Waksal had said at the time that he believed in the drug. He probably should have held onto it.
COSTELLO: Well, then he shouldn't have dumped his stock. Susan Lisovicz, thanks very much. We'll get back to you in our next half- hour.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
