Daniel S. Lynch Resigns as CEO of ImClone Systems; Philip Frost, M.D., Ph.D., Named Interim CEO; Board Initiates External Search for Permanent Replacement

Philip Frost, M.D., Ph.D., currently Executive Vice President andChief Scientific Officer, will serve as Interim CEO while the Boardconducts an external search for a permanent CEO. Dr. Frost willcontinue to serve as the Company's Chief Scientific Officer.

The Company will continue to focus its efforts on four strategicobjectives: maximizing the commercial and clinical potential ofErbitux(R); advancing the Company's pipeline of novel oncology productcandidates; completing business development transactions that arestrategically and financially compelling; and adding the key assetsnecessary for the Company to meet its goals.

"We want to thank Dan for his leadership during an important andchallenging phase of ImClone Systems' corporate growth anddevelopment," stated David M. Kies, Chairman of ImClone Systems. "Danhas been instrumental in positioning the Company for success, with itsfirst commercialized oncology product in Erbitux and many of thecomponents of a fully integrated biopharmaceutical company in place.Dr. Frost is a seasoned and highly respected pharmaceutical executivewith over 30 years of experience in researching, developing andcommercializing oncology products. We are pleased to have a person ofPhil's caliber on our management team to step in and lead the Companyduring the external search for a permanent CEO."

"ImClone Systems has strong management with proven expertise ineach of the critical functional areas of a successful, integratedbiopharmaceutical company," said Dr. Frost. "I look forward to workingwith my colleagues and the Board to ensure a smooth and successfultransition to new leadership."

From 1995 until he joined ImClone Systems, Dr. Frost served asVice President of Oncology and as Co-Director of the OncologyTherapeutic Area Leadership Team at Wyeth. While at Wyeth, Dr. Frostwas responsible for the establishment of molecular targeting as thecentral focus of Wyeth's oncology drug discovery. Dr. Frost was alsoresponsible for establishing numerous academic collaborations withmajor oncology institutions and was the primary reviewer for Wyeth ofall potential oncology alliances in industry and academia. Prior tocoming to Wyeth, Dr. Frost served as a consultant for CaP Cure and asa Vice President of Oncology for the Sandoz Research Institute.

About ImClone Systems

ImClone Systems Incorporated is committed to advancing oncologycare by developing a portfolio of targeted biologic treatments,designed to address the medical needs of patients with a variety ofcancers. The Company's research and development programs includegrowth factor blockers and angiogenesis inhibitors. ImClone Systems'strategy is to become a fully integrated biopharmaceutical company,taking its development programs from the research stage to the market.ImClone Systems' headquarters and research operations are located inNew York City, with additional administration and manufacturingfacilities in Branchburg, New Jersey.

Certain matters discussed in this news release may constituteforward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995 and the Federal securitieslaws. Although the company believes that the expectations reflected insuch forward-looking statements are based upon reasonable assumptionsit can give no assurance that its expectations will be achieved.Forward-looking information is subject to certain risks, trends anduncertainties that could cause actual results to differ materiallyfrom those projected. Many of these factors are beyond the company'sability to control or predict. Important factors that may cause actualresults to differ materially and could impact the company and thestatements contained in this news release can be found in thecompany's filings with the Securities and Exchange Commissionincluding quarterly reports on Form 10-Q, current reports on Form 8-Kand annual reports on Form 10-K. For forward-looking statements inthis news release, the company claims the protection of the safeharbor for forward-looking statements contained in the PrivateSecurities Litigation Reform Act of 1995. The company assumes noobligation to update or supplement any forward-looking statementswhether as a result of new information, future events or otherwise.