UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 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 10, 1997

                          IMCLONE SYSTEMS INCORPORATED
             (Exact Name of Registrant as Specified in its Charter)

         Delaware                   0-19612                  04-2834797  
(State or other Jurisdiction   (Commission File     (IRS Employer Identification
     of Incorporation)              Number)                    Number)

                   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



ITEM 5. OTHER EVENTS

     On October 13, 1997, ImClone Systems Incorporated ("ImClone") and CombiChem
Inc. ("CombiChem") announced a collaboration to discover and develop novel small
molecules against selected targets for the treatment of cancer. In this joint
effort, CombiChem will utilize its proprietary Discovery Engine(TM) to generate
lead candidates, which ImClone will test against its biological assays to
determine activity against key receptors and signaling molecules associated with
cancer.

     ImClone will provide CombiChem with research funding for two years,
milestone payments and royalties on marketed products. Additionally, ImClone
made an equity investment in CombiChem. ImClone will have exclusive worldwide
rights to develop and market products resulting from the collaboration. The
companies will utilize CombiChem's Discovery Engine(TM) and proprietary
Universal Informer Library(TM) to generate small molecules for screening in
ImClone's assays for identification of lead candidates.

     Except for the historical information contained herein, the matters
discussed herein include forward-looking statements. Actual results may differ
materially from those predicted in such forward-looking statements due to the
risks and uncertainties inherent in ImClone's business, including, without
limitation, risks and uncertainties in obtaining and maintaining regulatory
approval, market acceptance of and continuing demand for ImClone's products, the
impact of competitive products and pricing, and ImClone's ability to obtain
additional financing to support its operations and achieve its objectives.


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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 thereunto duly authorized.

                                        IMCLONE SYSTEMS INCORPORATED

Date: October 15, 1997                  By:/s/ John B. Landes
                                           John B. Landes
                                           Vice President,
                                           Business Development
                                           and General Counsel