ImClone Systems To Redeem All Convertible Subordinated Notes Due 2005

ImClone Systems Incorporated (NASDAQ: IMCL) announced today that it intends to redeem all of its outstanding 5 1/2 percent Convertible Subordinated Notes due 2005. The redemption date is June 18, 2004, and the redemption price is 101.10 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, through June 17, 2004. The aggregate principal amount of notes to be redeemed is $239,986,000.