ImClone Systems Inc. on Tuesday rejected demands by Bristol-Myers Squibb Co. that it surrender a greater share of future profit from a cancer drug the companies are developing and that its two top executives step down.

The Bristol-Myers demands followed the U.S. Food and Drug Administration's rejection of a marketing application for the drug and an ImClone statement that new trials of the medicine may be needed.

ImClone said there was no need to renegotiate original terms of an agreement with New York-based drug giant Bristol-Myers to co-develop and co-market the colon cancer drug Erbitux.

ImClone said it "looks forward" to working with Bristol-Myers under their original agreement for the drug. It said it would like to meet with senior Bristol-Myers management to "explore ways in which the company, together with Bristol-Myers Squibb, can work most effectively to obtain FDA approval" for the product.