8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    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):
                                  June 19, 2002



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



         Delaware                      0-19612                    04-2834797
(State of incorporation or     (Commission File Number)       (I.R.S. Employer
      organization)                                          Identification No.)



                          180 Varick Street, 6th Floor,
                            New York, New York 10014
    (Address, including zip code of Registrant's principal executive offices)



       Registrant's telephone number, including area code: (212) 645-1405

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Item 5.   Other Events

     On June 19, 2002, ImClone Systems Incorporated issued a press release
announcing receipt of a "Wells Notice" from the staff of the Securities and
Exchange Commission. The text of the press release, which is attached as Exhibit
99.1, is incorporated by reference in its entirety.


Item 7.    Exhibits

     (c)  Exhibits

     99.1 Press Release dated June 19, 2002.





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                                    SIGNATURE

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


                                     By: /s/ John B. Landes
                                         -----------------------------------
                                         Name:  John B. Landes
                                         Title: Senior Vice President, Legal


Date: June 26, 2002


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                                  EXHIBIT INDEX

     Exhibit No.              Description
     -----------              -----------

     99.1                     Press release dated June 19, 2002.





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EX-99.1

                                                                    Exhibit 99.1


Contact:
Investors                                         Media
Andrea F. Rabney                                  Abernathy MacGregor
Vice President                                    Andrew Merrill or David Pitts
Corporate Communications                          (212) 371-5999
ImClone Systems Incorporated
(646) 638-5058


For Immediate Release


                     IMCLONE SYSTEMS RECEIVES "WELLS NOTICE"
                     FROM SECURITIES AND EXCHANGE COMMISSION


New York, NY -- Jun 19, 2002 -- ImClone Systems Incorporated (NASDAQ: IMCL)
announced that it today received a written "Wells Notice" from the staff of the
Securities and Exchange Commission (SEC), indicating that the staff is
considering recommending the Commission bring an action against the Company
relating to the Company's disclosure immediately following its receipt of a
Refusal-to-File letter from the FDA on December 28, 2001 for its biologics
license application for ERBITUX.

Under the Wells process established by the Commission, the Company has the
opportunity to respond in writing to the "Wells Notice" before the staff makes a
formal recommendation regarding what action, if any, should be brought against
the Company by the Commission. The Company intends to respond promptly and
thoroughly.

The Company reiterates its intention to cooperate fully with the SEC in the
course of its investigation.

ImClone Systems Incorporated is committed to advancing oncology care by
developing a portfolio of targeted biologic treatments, designed to address the
medical needs of patients with a variety of cancers. The Company's three
programs include growth factor blockers, cancer vaccines 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 is headquartered in New York with
additional administration and manufacturing facilities in Somerville, New
Jersey.


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ImClone Systems Incorporated
Page two


The matters discussed in this news release may include forward-looking
statements which involve potential risks and uncertainties. Important factors
that may cause actual results to differ materially include, but are not limited
to, the risks and uncertainties associated with completing preclinical and
clinical trials of the Company's compounds that demonstrate such compounds'
safety and effectiveness; obtaining additional financing to support the
Company's operations; obtaining and maintaining regulatory approval for such
compounds and complying with other governmental regulations applicable to the
Company's business; obtaining the raw materials necessary in the development of
such compounds; consummating collaborative arrangements with corporate partners
for product development; achieving milestones under collaborative arrangements
with corporate partners; developing the capacity to manufacture, market and sell
the Company's products, either directly or with collaborative partners;
developing market demand for and acceptance of such products; competing
effectively with other pharmaceutical and biotechnological products; obtaining
adequate reimbursement from third party payers; attracting and retaining key
personnel; obtaining patent protection for discoveries and risks associated with
commercial limitations imposed by patents owned or controlled by third parties.
The Company does not undertake any obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise.

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