ImClone’s 4th-Quarter Loss Narrows

ImClone Systems Inc.’s fourth-quarter loss narrowed because of payments on the biotechnology company’s cancer drug Erbitux from partner Bristol-Myers Squibb Co.

The loss narrowed to $30.5million, or 42 cents a share, from $33.7million, or 52 cents, a year earlier.

Revenue rose to $2.31 million from $153,000, mostly because of $2.2 million in payments under a development agreement with the world’s largest maker of cancer drugs, New York-based ImClone said.

ImClone was expected to have a loss of 28 cents a share. Its shares fell 15 cents to $24.90 in Nasdaq trading.