FDA Tells ImClone to Take a Chill Pill

Sam Waksal, CEO of ImClone Systems , has predicted many times in public that his company's highly publicized but still experimental cancer drug, Erbitux, "is going to be one of the biggest drugs in the history of oncology."

Friday night, that boast was put on ice -- at least temporarily.

In a stunning rebuke to Imclone and its partner Bristol-Myers Squibb , the Food and Drug Administration refused to accept the application for approval of Erbitux, which the companies filed on Oct. 31. ...