ImClone shares up after research results

In the US, shares of ImClone Systems were gaining ground in pre-market dealings this morning after the biotech firm said its early-stage cancer therapy research is yielding encouraging results.

ImClone said its anti-cancer compounds showed promise in pre-clinical research, which is done on animals.

In a statement, Harlan Waksal, the company's chief science officer said the company is pleased both with the progress ImClone Systems' pipeline programs have made and that the contribution the data will make to the company's future research and development.

Shares of ImClone tacked on US$1.59 to US$36.23.