ImClone ( IMCL) and Bristol-Myers Squibb ( BMY) said the Food and Drug Administration approved a labeling update for Erbitux as a treatment for colon cancer.
Specifically, the new labeling says that Erbitux shows improved overall survival as a single agent in colon cancer patients who have not responded to chemotherapy treatments with irinotecan and oxaliplatin. The approval was based on prolonged overall survival from a phase III trial comparing the drug plus supportive care to supportive care alone in 572 patients. ImClone rose $1.29, or 3.1%, to $43.33, and Bristol-Myers was up 24 cents, or 0.8%, to $29.07.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).