IMCLONE SYSTEMS BOARD OF DIRECTORS APPROVES STOCK REPURCHASE PROGRAM

ImClone Systems Incorporated (NASDAQ: IMCL) announced today its Board of Directors has approved a stock repurchase program to purchase up to $100 million in aggregate principal amount of outstanding shares of the Company's common stock during the next two years. The stock repurchase program is to be employed for general corporate purposes, including to offset dilution resulting from future grants of stock options or other dilutive incentive compensation granted to the Company's employees and directors.

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