ImClone Systems Inc (formerly IMCL)

[gene_genome]

UCB edges up after ImClone backs out of development deal.

LONDON (MarketWatch) -- Shares in Belgium's UCB
Last: 50.05+1.25+2.56%
6:30pm 02/06/2007
IMCL29.27, -0.21, -0.7%) opted out of a development agreement for CDP-791, which targets the vascular endothelial growth factor receptor-2. ImClone wants to focus on IMC-1121B after "robust preclinical activity." Under the terms of its agreement with UCB, ImClone Systems has the right to receive a royalty based on CDP-791 sales, should the antibody be commercialized, and UCB retains freedom to operate rights for CDP-791 and certain of ImClone Systems' intellectual property pertaining to VEGFr-2.