ImClone May Face More House Hearings

PHARMACEUTICALS

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ImClone Systems Inc. may be the subject of additional hearings by the House Energy and Commerce Committee, Chairman W. J. “Billy” Tauzin (R-La.) said.

The committee is examining ImClone’s handling of its Erbitux cancer-drug application, which the Food and Drug Administration rejected in December. The rejection triggered an 86% drop in shares and a probe into whether the company misled investors.

Further probes will focus on what went wrong with Erbitux, and ways to improve the FDA’s review process, Tauzin said.

Shares of New York-based ImClone rose 20 cents to $8.20 on Nasdaq.