ImClone Systems Appoints Alex Denner, Ph.D., to Board of Directors; Board of Directors Approves Amendment to Stockholder Rights Plan

"Alex Denner has a strong background in biotechnology andbiotechnology investment and is known to the Company through his rolewithin the investment community," stated David M. Kies, Chairman ofImClone Systems' Board of Directors. "Alex is extremely knowledgeableabout the Company and our products and we expect he will makeimportant contributions to the Board as it considers the Company'sstrategic direction."

Dr. Denner is currently a portfolio manager at Viking GlobalInvestors, one of ImClone Systems' largest shareholders. Prior tojoining Viking, he was a portfolio manager at Morgan StanleyInvestment Management for the Health Sciences Trust Fund and theBiotechnology Fund. Dr. Denner served in a variety of positions atMorgan Stanley Investment Management and its predecessor companiesincluding healthcare group head, healthcare sector leader, andbiotechnology research analyst. He has also worked at the MITRECorporation and the Charles Stark Draper Laboratory. Dr. Dennerperformed research in biomedical engineering at Yale University wherehe was awarded a Ph.D. degree. He has an undergraduate degree from theMassachusetts Institute of Technology.

The Company also announced today that its Board of Directors hasapproved an amendment to ImClone Systems' Stockholder Rights Plan,including an increase in the plan's triggering threshold from 15% to19.9%. The amendment also provides that the rights will generally notapply to a fully-financed, all-cash tender offer for all outstandingshares of Common Stock after the offer has remained open for at least90 days and satisfies other criteria.

The decisions to add Dr. Denner to the Board and to amend theStockholder Rights Plan follow discussions with one of the Company'sshareholders, Carl Icahn.

About ImClone Systems Incorporated

ImClone Systems Incorporated is committed to advancing oncologycare by developing and commercializing a portfolio of targetedbiologic treatments designed to address the medical needs of patientswith a variety of cancers. The Company's research and developmentprograms include growth factor blockers and angiogenesis inhibitors.ImClone Systems' strategy is to become a fully integratedbiopharmaceutical company, taking its development programs from theresearch stage to the market. ImClone Systems' headquarters andresearch operations are located in New York City, with additionaladministration and manufacturing facilities 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.