NEW YORK--(BUSINESS WIRE)--Jan. 24, 2006--ImClone Systems Incorporated (NASDAQ:IMCL) announced today that the Board of Directors has engaged Lazard to conduct, in conjunction with management, a full review of the Company’s strategic alternatives to maximize shareholder value. These alternatives could include a merger, sale or strategic alliance. The Company is proceeding in consultation with its existing partners as the process moves forward. The Company also announced today that Joseph L. Fischer, a member of ImClone Systems’ Board of Directors since 2003 as well as a member of its Audit and Compensation Committees, has been named Interim Chief Executive Officer, replacing Philip Frost, M.D., Ph.D. Mr. Fischer brings over 20 years of global managerial and operational experience to the Company. As a result of being named Interim Chief Executive Officer, Mr. Fischer will no longer serve on the Audit and Compensation Committees of the Board of Directors. Dr. Frost will remain as Executive Vice President and Chief Scientific Officer.
