replaced its CEO and put itself on the block.
The New York-based biotech hired investment bank Lazard for "a full review of the Company's strategic alternatives to maximize shareholder value," ImClone said. "These alternatives could include a merger, sale or strategic alliance. The Company is proceeding in consultation with its existing partners as the process moves forward."
ImClone named board member Joseph L. Fischer interim chief, replacing Philip Frost. Imclone said that "in light of the significant strategic review being embarked upon, the Board of Directors decided it was important to have an executive with Joe's financial and managerial background leading the company."
Fischer served as a senior vice president of Dial Corporation and in a variety of senior management positions at Johnson & Johnson, most notably as group president of global personal care products, president of J&J Canada and corporate controller.
ImClone also swung to a fourth-quarter profit despite a decline in revenue. The company made $13 million, or 15 cents a share, reversing the year-ago loss of $13 million, or 16 cents a share. Revenue fell to $98.2 million from $107.3 million a year ago.