ImClone Drug

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Backers of the cancer drug which led to Martha Stewart's downfall plan to try again for federal approval.

ImClone and Bristol-Myers Squibb say they will use new data as they seek to clear Erbitux for U.S. sales. Researchers recently reported Erbitux is effective in shrinking tumors of some colon cancer patients.

If the drug gets approval, it could be on the market by next year. And approval could bring a turnaround for ImClone, the company that developed Erbitux. Its stock price is up.

That's rather late for Stewart, who sold just before a regulatory disapproval that made Imclone's price plunge. The domestic diva wound up in an insider trading scandal, is under indictment, and has resigned as head of her media company.