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ImClone Systems


narrowed its second-quarter loss, beating analysts' estimates, on higher sales.

The biotechnology company, maker of the experimental cancer drug Erbitux, lost $34.8 million, or 47 cents a share, in the quarter ended June 30 compared with a loss of $46.5 million, or 63 cents a share, in the prior-year period. Analysts were expecting a loss of 52 cents a share. Total sales were $17.9 million, up from $11.6 million last year.

Sam Waksal, the founder of former chief executive of New York-based ImClone, is currently serving a seven-year jail sentence for insider trading. Waksal attempted to sell ImClone shares in 2001 before the company announced that its marketing application for Erbitux would not be reviewed.

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Total operating expenses were $51.7 million, down from last year's $58.1 million. Research and development expenses were $41.7 million, up from $38.2 million in the year-ago period.

ImClone also said it believes existing cash on hand, marketable securities and license agreements should enable it to maintain operations through at least June 2004.

About a month ago

the company regained compliance with the

Nasdaq National Market

, and shares closed at $40.39 Tuesday.