8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________

FORM 8-K

_______________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 19, 2006

IMCLONE SYSTEMS INCORPORATED

(Exact Name of Registrant as Specified in Charter)

Delaware (State or other jurisdiction
of Incorporation) 0-19612 (Commission File
Number) 04-2834797 (IRS Employer
Identification No.)

180 Varick Street New York, New York            10014

(Address of principal executive offices)         (Zip Code)

(212) 645-1405

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

(d) On October 19, 2006, Peter S. Liebert, M.D. was named a director of ImClone Systems Incorporated (the “Company”). The text of the related press release, which is attached as Exhibit 99.1, is incorporated by reference herein in its entirety.

Item 8.01. Other Events.

Also on October 19, 2006, the Board appointed David Sidransky, M.D. as a member of the Compensation Committee and Carl C. Icahn as chairman of the Chief Executive Officer Search Committee. As a result, (1) the Compensation Committee consists of Mr. Miller and Drs. Denner and Sidransky (chaired by Mr. Miller) and (2) the Chief Executive Officer Search Committee consists of Messrs. Icahn and Miller and Drs. Denner, DeVita and Sidransky (chaired by Mr. Icahn).

Item 9.01. Financial Statements and Exhibits.

Exhibit Number	Description ________________________________________________________________________________________________________________________________
99.1	Text of press release issued by the Company, dated October 20, 2006, entitled “ImClone Systems Appoints Peter S. Liebert, M.D., to Board of Directors” (filed herewith)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IMCLONE SYSTEMS INCORPORATED
Date: October 20, 2006	By:	/s/ Daniel J. O’Connor                       Daniel J. O’Connor        Vice President, Interim General Counsel

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EXHIBIT INDEX

Exhibit Number	Description ________________________________________________________________________________________________________________________________
99.1	Text of press release issued by the Company, dated October 20, 2006, entitled “ImClone Systems Appoints Peter S. Liebert, M.D., to Board of Directors” (filed herewith)

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EX-99.1

ImClone Systems Incorporated
	180 Varick Street
	New York, NY 10014
	Tel:  (212) 645-1405
	Fax: (212) 645-2054
	www.imclone.com

ImClone Systems Incorporated
Investors:	Media:
Andrea F. Rabney	David M. F. Pitts
(646) 638-5058	(646) 638-5058
Stefania Bethlen
(646) 638-5058

IMCLONE SYSTEMS APPOINTS PETER S. LIEBERT, M.D., TO

BOARD OF DIRECTORS

New York, NY – October 20, 2006 – ImClone Systems Incorporated (NASDAQ: IMCL) announced today that Peter S. Liebert, M.D., has been appointed by the Company’s Board of Directors to fill one of the vacancies resulting from the recent resignation of two Directors. Dr. Liebert had previously been nominated for the Board in the consent solicitation filed by Mr. Icahn and related parties.

The Board also determined to reduce the size of the Board from twelve directors to eleven.

Dr. Liebert has been a pediatric surgeon in private practice and is Chief, Pediatric Surgery of The Stamford Hospital. Since 1981, Dr. Liebert has been Clinical Associate Professor of Surgery at the College of Physicians & Surgeons of Columbia University. Dr. Liebert is a former president of the Westchester Medical Society and a former member of the Awards Jury of the Lasker Foundation. Dr. Liebert is Chairman of the Board of Rx Vitamins, Inc. and is a director of Cadus Corporation. Dr. Liebert holds an M.D. from Harvard Medical School and an A.B. from Princeton University.

The Company also announced that three of Mr. Icahn's affiliates delivered consents yesterday for the total of 1500 shares they hold of record, meaning that the consent period under Delaware law will terminate no later than December 18, 2006.

About ImClone Systems Incorporated

ImClone Systems Incorporated is committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. The Company's research and development programs include growth 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 in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey.

Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the company's ability to control or predict. Important factors that may cause actual results to differ materially and could impact the company and the statements contained in this news release can be found in the company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. For forward-looking statements in this news release, the company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

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