ImClone Posts Loss, Signs Licensing Deals

ImClone Systems Inc. reported its first net loss in four quarters on a charge to settle class-action lawsuits, but results topped expectations and it signed licensing deals related to its colon cancer drug Erbitux, lifting shares 4%.

ImClone signed license deals with Genentech Inc. and Johnson & Johnson for the rights to patents covering certain antibody technology related to Erbitux, heading off potential litigation with those companies.

The company posted a net loss of $13.2 million, or 16 cents a share, half the loss of $26.3 million, or 35 cents, a year earlier. Excluding one-time items, ImClone earned 48 cents a share, topping Wall Street’s average expectations of 38 cents.

Total revenue for the quarter rose to $107.3 million from $19.8 million a year earlier.

ImClone shares rose $3.24 to $40.69 on Nasdaq.