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Icahn Responds to Cornelius
Date:9/23/2008

NEW YORK, Sept. 23 /PRNewswire/ -- ImClone Systems Incorporated (Nasdaq: IMCL), announced today that the following letter was sent by Carl Icahn, its Chairman of the Board, to James Cornelius of Bristol-Myers Squibb Company (NYSE: BMY):

September 23, 2008

Mr. James M. Cornelius

Chairman and Chief Executive Office

Bristol-Myers Squibb Company

345 Park Avenue

New York, NY 10154

Dear Jim:

Your letter of yesterday contains inaccuracies which are misleading to our shareholders. Your statements that there have not been any meaningful discussions concerning your proposal have no basis in fact. Indeed during the last few weeks we told you we would be happy to meet if you wished to increase your offer to which you replied you had no intention to do. I also told you a large Pharma company had offered $70 subject to due diligence and the diligence will be over on Sunday, September 28, 2008. In light of these facts, your hostile tender of $62, at this time, seems absurd. If you wish to make your attorneys wealthier, I can show you more productive ways to do so. Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures.

Sincerely,

Carl C. Icahn

Chairman of the Board

About ImClone Systems

ImClone Systems Incorporated is a fully integrated global biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic tre
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SOURCE Carl Icahn
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