NEW YORK--(BUSINESS WIRE)--Aug. 1, 2005--ImClone Systems Incorporated (NASDAQ: IMCL) announced today that it has named Dvorit Samid, Ph.D., Vice President, Medical Affairs. The Company has made an inducement grant for the right to purchase 51,000 shares of the Company’s stock to Dr. Samid. These stock options will vest over a four year period, and have an exercise price equal to the closing price of ImClone Systems’ common stock on August 1, 2005. The stock options will have other terms commensurate with options granted under ImClone Systems’ 2002 Stock Option Plan. The options grant was approved by the Compensation Committee of ImClone Systems’ Board of Directors and meets the “employee inducement” exception to NASDAQ Marketplace Rule 4350 requiring shareholder approval of equity-based incentive plans.
