-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 FbVNrlpdXSLMBIhS6cqbagPIRQgZo9l6TCiEPHoppS3KvRmSYWScfhxXJRYhztqq
 CCLh281GhuU2e07V/jkmuQ==

<SEC-DOCUMENT>0000903423-06-001089.txt : 20060929
<SEC-HEADER>0000903423-06-001089.hdr.sgml : 20060929
<ACCEPTANCE-DATETIME>20060929180340
ACCESSION NUMBER:		0000903423-06-001089
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060920
FILED AS OF DATE:		20060929
DATE AS OF CHANGE:		20060929

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			O'Connor Daniel
		CENTRAL INDEX KEY:			0001376847

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19612
		FILM NUMBER:		061118396

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(212) 645-1405

	MAIL ADDRESS:	
		STREET 1:		IMCLONE SYSTEMS INCORPORATED
		STREET 2:		180 VARICK STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMCLONE SYSTEMS INC
		CENTRAL INDEX KEY:			0000765258
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				042834797
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		180 VARICK STREET - 6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014
		BUSINESS PHONE:		646-638-5078

	MAIL ADDRESS:	
		STREET 1:		180 VARICK STREET - 6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IMCLONE SYSTEMS INC/DE
		DATE OF NAME CHANGE:	19940211
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>oconnor-f3b_0929ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-09-20</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000765258</issuerCik>
        <issuerName>IMCLONE SYSTEMS INC</issuerName>
        <issuerTradingSymbol>IMCL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001376847</rptOwnerCik>
            <rptOwnerName>O'Connor Daniel</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2>180 VARICK STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10014</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP, INTERIM GEN. COUNSEL, SEC.</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>STOCK OPTION (RIGHT TO BUY)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>53.50</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-12-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-08-10</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>625</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>PERFORMANCE RIGHTS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>32.99</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2007-12-31</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2007-12-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityValue>
                    <value>48147</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityValue>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>PERFORMANCE RIGHTS</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>32.99</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2008-12-31</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2008-12-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>COMMON STOCK</value>
                </underlyingSecurityTitle>
                <underlyingSecurityValue>
                    <value>48147</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityValue>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Cash bonuses under the plan are payable following the end of the performance period, provided that the reporting person
 remains continuously employed by the Company through that date. Special rules apply in the event of a change in control
 during the performance period, and in the event the reporting person's employment terminates during the performance period
 due to death or disability.</footnote>
        <footnote id="F2">On 1/18/06, the reporting person received a target cash award opportunity under the ImClone 2006-2008 Retention Plan for the
 two performance periods commencing on 1/1/06 and ending on, respectively, 12/31/07 and 08. The amount of award received will
 be calculated at the end of the performance period by comparing the Company's share price at the beginning of the
 performance period with the Company's share price at the end of the performance period based on a 30-day average. The cash
 bonus will generally be calculated by adjusting the target award opportunity between 100% and 150% based on any Company
 share price increase. No bonus will be payable in respect of the performance period if the Company's share price at the
 conclusion of the performance period is less than the share price at the beginning of the performance period. The number
 reported herein is a cash amount calculated based on the 100% target. If based on the 150% target, this amount would equal
$72,220.50.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel J. O'Connor</signatureName>
        <signatureDate>2006-09-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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