ImClone Regains Compliance With Nasdaq National Market - TheStreet

ImClone Regains Compliance With Nasdaq National Market

The company's stock symbol will revert to IMCL on July 10.
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ImClone Systems

(IMCLE)

has been notified that the company is back in compliance with the listing requirements of the Nasdaq National Market.

As a result, the biotech company's trading symbol will revert back to IMCL when the market opens on July 10.

The Nasdaq had temporarily added an "E" to ImClone's ticker symbol after the company failed to file financial documents on time with the

Securities and Exchange Commission

.

Last week, ImClone, which is developing a prospective cancer treatment called Erbitux, reported first-quarter revenue of $19.6 million, up from $18.6 million for the same period in 2002.

ImClone, probably best known for the Sam Waksal-Martha Stewart insider-trading scandal, lost $34.8 million, or 47 cents a share. A year ago, ImClone lost $30.1 million, or 41 cents a share.

The company also said last week that it believes its existing cash on hand, marketable securities and license agreements should allow it to maintain its current and planned operations through at least June 2004.

Shares of ImClone were recently gaining $1.22, or 3.6%, to $34.99.