ImClone gets $250M related to FDA approval of ERBITUX.

2004 APR 12 - (NewsRx.com & NewsRx.net) -- ImClone Systems, Inc., (IMCL) has received a $250 million milestone payment under its license agreement with Bristol-Myers Squibb.

The cash payment was triggered by U.S. Food and Drug Administration approval of ERBITUX to treat irinotecan-refractory or intolerant-metastatic EGFR-expressing colorectal cancer on February 12, 2004.

"This milestone payment represents the acknowledgement by Bristol-Myers Squibb of the progress that we have made together in the ERBITUX clinical program, which culminated in the recent approval of the drug in combination with irinotecan and as a single agent in certain patients with …