ImClone fourth-quarter loss narrows

ImClone Systems Inc., the biotechnology company at the center of the Martha Stewart insider-trading scandal, on Monday reported a narrower quarterly loss.

The company, which finally won U.S. approval last month for cancer drug Erbitux, reported a loss of $26.3 million, or 35 cents per share, compared with a loss of $39.4 million, or 54 cents per share.

ImClone's revenue, derived primarily from research and development collaborations with other companies, rose to $19.8 million from $14.9 million.

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U.S. regulators refused to review ImClone's application for Erbitux in December 2001. But before the refusal was announced and the company's stock fell, founder and then-CEO Sam Waksal tried to sell shares of ImClone, and prosecutors believe he tipped off his daughter, his father and possibly his friend Stewart.

Stewart, a cultural icon who transformed her domestic style into a media empire, was convicted of obstruction of justice charges on March 5.

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Meanwhile, ImClone has shed Waksal and his brother Harlan Waksal and hopes to successfully launch the drug with help of partners Bristol-Myers Squibb Co. in the United States and Merck KGaA in Europe.

ImClone said on Monday that as a result of its research costs over the years, it has accumulated "a deficit" of about $642.6 million as of Dec. 31, 2003.

The company said that with the Erbitux approval, its deficit will decline as it begins to generate revenue from sales of Erbitux by Bristol-Myers and Germany's Merck and recognize revenues from license fees and milestone payments.