Erbitux, a drug marketed by

ImClone Systems

(IMCL)

and

Bristol-Myers Squibb

(BMY) - Get Report

prolongs survival for patients with recurring head and neck cancer more than chemotherapy alone, the companies said citing a study published in the

New England Journal of Medicine

.

Results of the study show that adding Erbitux to a platinum-based chemotherapy in the first-line treatment of the cancer resulted in statistically significant improvement in the primary endpoint of overall survival, as well as secondary endpoints of progression-free survival and overall response rate, the companies said Wednesday.

Results of the study of 442 patients found those getting Erbitux plus chemotherapy experienced an increase in median overall survival of 2.7 months, compared with patients who received chemotherapy alone (10.1 months vs. 7.4 months, respectively).

On Aug. 29, the company filed with the Food and Drug Administration for approval of the drug as a first-line treatment for the recurring head and neck cancer.

Meanwhile, ImClone on Wednesday announced a large, unnamed pharmaceutical company bid $70 a share for its outstanding shares. The new bid outdoes Bristol-Myers Squibb's $60-a-share bid made in July. ImClone's board officially rejected the offer from Bristol-Myers and said it hasn't yet determined its stance on the new proposal.

This article was written by a staff member of TheStreet.com.