IMGN ImmunoGen Inc.

4.07
-0.03  -1%
Previous Close 4.1
Open 4.19
52 Week Low 1.95
52 Week High 7.07
Market Cap $710,386,408
Shares 174,542,115
Float 155,640,704
Enterprise Value $516,299,408
Volume 3,124,319
Av. Daily Volume 2,165,689
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Upcoming Catalysts

Drug Stage Catalyst Date
IMGN632 (ASH)
Acute Myeloid Leukemia (AML) and blastic plasmacytoid dendritic cell neoplasm (BPDCN)
Phase 1
Phase 1
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Mirvetuximab - SORAYA
Ovarian cancer
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
Mirvetuximab soravtansine - FORWARD II
Ovarian cancer and relapsed endometrial cancer
Phase 1/2
Phase 1/2
Phase 1b/2 data from platinum-sensitive triplet cohort at ESMO September 2020 noted overall response rate (ORR) of 83%, with a median duration of response (DOR) of 10.9 months and median progression free survival (PFS) of 12.8 months.
Mirvetuximab - MIRASOL
Cancer - ovarian cancer and relapsed endometrial cancer
Phase 3
Phase 3
Phase 3 trial enrolling - February 14, 2020.
IMGN779
Relapsed/refractory acute myeloid leukemia (AML)
Phase 1
Phase 1
Further development to be discontinued - noted June 27, 2019.
Trastuzumab emtansine ( T-DM1, trastuzumab-DM1) - Kadcyla - MARIANNE trial
Cancer - 1st-line HER2+ Metastatic Breast Cancer
Phase 3
Phase 3
Phase 3 data released Dec 18 2014. Met non-inferiority endpoint but did NOT significantly improve PFS compared to Herceptin and chemotherapy
Kadcyla KRISTINE trial
HER2-positive breast cancer - neo-adjuvant setting
Phase 3
Phase 3
Phase 3 trial did not meet endpoints.
Kadcyla GATSBY trial
Cancer - metastatic HER2+ gastric cancer
Phase 3
Phase 3
Endpoint not met - October 2015
Kadcyla
2nd-line HER2+ Metastatic Breast Cancer
Approved
Approved
Approved Feb 22 2013 - under priority review

Latest News

  1. Praxis Precision Medicines, Inc., a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for people with central nervous system (CNS) disorders, today announced that it has expanded its leadership team as it works to advance its clinical and preclinical-stage portfolio of novel programs for both rare and prevalent conditions. The leadership appointments include Dean J. Mitchell as chairman of the board of directors, Nicole Sweeny as chief commercial officer and Alyssa Wyant as senior vice president, regulatory and quality. Mr. Mitchell replaces former chairman Nicholas Galakatos, Ph.D., global head of Blackstone Life Sciences, who will continue to serve as a director of Praxis.

    "We are thrilled…

    Praxis Precision Medicines, Inc., a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for people with central nervous system (CNS) disorders, today announced that it has expanded its leadership team as it works to advance its clinical and preclinical-stage portfolio of novel programs for both rare and prevalent conditions. The leadership appointments include Dean J. Mitchell as chairman of the board of directors, Nicole Sweeny as chief commercial officer and Alyssa Wyant as senior vice president, regulatory and quality. Mr. Mitchell replaces former chairman Nicholas Galakatos, Ph.D., global head of Blackstone Life Sciences, who will continue to serve as a director of Praxis.

    "We are thrilled to welcome this esteemed group of leaders to the team, each of whom brings significant expertise in their respective functions," said Marcio Souza, president and chief executive officer of Praxis. "Praxis is at an exciting stage in its evolution following our recent financing, with multiple potential value creating milestones expected over the next year. Dean's extensive industry track record and wealth of strategy and development insights will be invaluable as we enter the next phase of growth for our company. Nicole's background leading portfolio and product strategy and Alyssa's experience leading regulatory functions will be critical as we navigate the clinical development and potential registration paths for our programs in depression, movement disorders, pain and epilepsy."

    Dean J. Mitchell is a pharmaceutical industry veteran, with extensive expertise building and leading biopharmaceutical companies as chairman or chief executive officer across all stages of growth and product development. Mr. Mitchell is the former chairman of Covid Pharma Holdings and PaxVax Corporation, prior to their respective sales, and currently serves as chairman of the board of directors of Kinnate Biopharma Inc., and as a member of the board of directors at Theravance Biopharma, Inc. (NASDAQ:TBPH), ImmunoGen Inc. (NASDAQ:IMGN) and Precigen Inc. (formerly Intrexon Inc.).

    Nicole Sweeny has nearly 20 years of commercial experience from product strategy to multiple specialty and rare disease launches across more than a dozen approved products. Ms. Sweeny previously served as franchise head/U.S. general manager at Takeda, and earlier, held U.S. and global roles of increasing responsibility at Shire and Genzyme.

    Alyssa Wyant brings more than 20 years of regulatory affairs experience to Praxis, including having led the creation and implementation of global strategies for the development, registration and post-approval activities for numerous approved products across both CNS and rare diseases. Most recently, Ms. Wyant served as senior vice president, regulatory affairs at EryDel S.p.A, and earlier, held senior leadership roles at Edge Therapeutics, Inc. and PTC Therapeutics, Inc.

    "Praxis is making swift progress in the advancement of their portfolio of therapies for the treatment of a range of CNS disorders, and I am pleased to join the board at such a pivotal time in its evolution," said Mr. Mitchell. "The company's approach to restoring excitatory and inhibitory balance to neuronal circuits in the brain has the potential to address prevalent psychiatric diseases and neurologic disorders, as well as severe pediatric epilepsies, and I look forward to working closely with Marcio and the team to advance this exciting and potentially high-impact pipeline."

    About Praxis

    Praxis is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system disorders characterized by neuronal imbalance. We are applying insights into genetic mutations that drive excitation-inhibition imbalance to enable us to develop a pipeline addressing prevalent psychiatric and neurologic conditions and rare diseases. We have established a broad portfolio, including five disclosed programs across multiple CNS disorders, including depression, epilepsy, movement disorders and pain syndromes. For more information, please visit www.praxismedicines.com.

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  2. Triplet Combination Demonstrates Encouraging Anti-Tumor Activity and Tolerability in Recurrent Platinum-Sensitive Ovarian Cancer

    ImmunoGen, Inc., (NASDAQ:IMGN) a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced final data from the FORWARD II triplet cohort evaluating mirvetuximab soravtansine in combination with carboplatin and Avastin® (bevacizumab) in patients with folate receptor alpha (FRα)-positive recurrent, platinum-sensitive ovarian cancer at the European Society for Medical Oncology (ESMO) 2020 Virtual Congress.

    "Although there have been advances in the treatment of platinum-sensitive disease with targeted and maintenance therapies, there remains a significant need for…

    Triplet Combination Demonstrates Encouraging Anti-Tumor Activity and Tolerability in Recurrent Platinum-Sensitive Ovarian Cancer

    ImmunoGen, Inc., (NASDAQ:IMGN) a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced final data from the FORWARD II triplet cohort evaluating mirvetuximab soravtansine in combination with carboplatin and Avastin® (bevacizumab) in patients with folate receptor alpha (FRα)-positive recurrent, platinum-sensitive ovarian cancer at the European Society for Medical Oncology (ESMO) 2020 Virtual Congress.

    "Although there have been advances in the treatment of platinum-sensitive disease with targeted and maintenance therapies, there remains a significant need for additional active, well-tolerated combinations in the platinum-sensitive setting," said David O'Malley, MD, Professor, Director of Gynecologic Oncology and Co-Director, Gynecologic Oncology Phase 1 Program at The Ohio State University and the James Cancer Center, and FORWARD II Principal Investigator. "The efficacy outcomes demonstrated by combining full dose mirvetuximab with bevacizumab and carboplatin in more heavily pretreated platinum-sensitive ovarian cancer patients is encouraging relative to current standard of care triplet regimens."

    In the FORWARD II triplet cohort Phase 1b trial, 41 patients with a median age of 63 years received the combination of full dose mirvetuximab with carboplatin and bevacizumab. Eligibility criteria included patients with recurrent platinum-sensitive ovarian cancer that expressed medium or high levels of FRα, who had been treated with up to two prior lines of therapy. 73% of patients had one prior line of therapy and 27% had two prior lines of therapy, while 42% of patients had received prior PARP inhibitors, and 24% had received prior treatment with bevacizumab.

    Key Findings from FORWARD II Triplet Cohort

    • In 41 patients with recurrent platinum-sensitive ovarian cancer with medium or high levels of FRα who have received up to two prior lines of therapy, the confirmed overall response rate (ORR) for the triplet was 83%, with a median duration of response (DOR) of 10.9 months and median progression free survival (PFS) of 12.8 months.
    • These efficacy outcomes are encouraging relative to those reported in less heavily pretreated patient populations for other carboplatin and bevacizumab-based triplets.
    • Mirvetuximab was readily combined and well tolerated with standard dosing of carboplatin and bevacizumab, with a manageable adverse event (AE) profile as anticipated for this triplet based on the side effect profiles of each agent. Thrombocytopenia, a common adverse event with carboplatin treatment, was the most common cause of drug-related discontinuations.
    • Post-carboplatin (median 6 cycles), mirvetuximab soravtansine and bevacizumab continuation/maintenance was well tolerated.

    "Having generated a wealth of data demonstrating encouraging efficacy and favorable tolerability, mirvetuximab continues to show promise in combination – not only as a triplet but also when combined with bevacizumab or carboplatin as a doublet. In the future, we look forward to defining a formal path to registration for mirvetuximab in combination with approved agents with the goal of expanding use into earlier lines of therapy and becoming the combination agent of choice in ovarian cancer," said Anna Berkenblit, MD, Senior Vice President and Chief Medical Officer of ImmunoGen.

    ESMO Poster Details

    In addition, the City of Hope will present data from their study of mirvetuximab in combination with gemcitabine in patients with recurrent FRα-positive ovarian cancer, endometrial cancer, and triple negative breast cancer.

    • Title: "A Phase I Study of Mirvetuximab Soravtansine (MIRV) and Gemcitabine (G) in Patients (Pts) with Selected FRα-positive Solid Tumors: Results in the Endometrial Cancer (EC) Cohort" (Presentation #863P)
    • Date: Thursday, September 17, 2020
    • Time: 9:00 a.m. CEST/3:00 a.m. ET
    • Lead Author: Mihaela C. Cristea, MD, Associate Clinical Professor, Department of Medical Oncology and Therapeutics Research, Gynecologic Oncology Peritoneal Malignancy Program, City of Hope Comprehensive Cancer Care Center

    Additional information can be found at www.esmo.org.

    ABOUT FORWARD II

    FORWARD II is a Phase 1b/2 study of mirvetuximab in combination with Avastin® (bevacizumab), carboplatin, or Keytruda® (pembrolizumab) in patients with folate receptor alpha (FRα)-positive recurrent epithelial ovarian, primary peritoneal, or fallopian tube cancers, as well as a triplet combination of mirvetuximab plus carboplatin and bevacizumab in patients with FRα-positive platinum-sensitive ovarian cancer.

    ABOUT MIRVETUXIMAB SORAVTANSINE

    Mirvetuximab soravtansine (IMGN853) is a first-in-class ADC comprising a folate receptor alpha (FRα)-binding antibody, cleavable linker, and the maytansinoid DM4, a potent tubulin-targeting agent to kill the targeted cancer cells.

    ABOUT IMMUNOGEN

    ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to "target a better now."

    Learn more about who we are, what we do, and how we do it at www.immunogen.com.

    Avastin® and Keytruda® are registered trademark of their respective owners.

    FORWARD-LOOKING STATEMENTS

    This press release includes forward-looking statements based on management's current expectations. These statements include, but are not limited to, ImmunoGen's expectations related to: the occurrence, timing, and outcome of potential pre-clinical, clinical, and regulatory events related to ImmunoGen's product candidates; and the presentation of pre-clinical and clinical data on ImmunoGen's product candidates. For these statements, ImmunoGen claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Various factors could cause ImmunoGen's actual results to differ materially from those discussed or implied in the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this release. Factors that could cause future results to differ materially from such expectations include, but are not limited to: the timing and outcome of ImmunoGen's pre-clinical and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of pre-clinical studies, clinical trials, and regulatory processes; ImmunoGen's ability to financially support its product programs; risks and uncertainties associated with the scale and duration of the COVID-19 pandemic and resulting impact on ImmunoGen's industry and business; and other factors more fully described in ImmunoGen's Annual Report on Form 10-K for the year ended December 31, 2019 and other reports filed with the Securities and Exchange Commission.

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  3. ImmunoGen, Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that Susan Altschuller, Chief Financial Officer, and Anna Berkenblit, Chief Medical Officer, will present at the upcoming H.C. Wainwright Virtual Global Investment Conference. The presentation is scheduled for September 14, 2020 at 11am ET.

    A webcast of the presentation will be accessible through the Investors and Media section of the Company's website on www.immunogen.com. Following the live webcast, a replay will be available at the same location.

    ABOUT IMMUNOGEN
    ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients. By generating targeted…

    ImmunoGen, Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that Susan Altschuller, Chief Financial Officer, and Anna Berkenblit, Chief Medical Officer, will present at the upcoming H.C. Wainwright Virtual Global Investment Conference. The presentation is scheduled for September 14, 2020 at 11am ET.

    A webcast of the presentation will be accessible through the Investors and Media section of the Company's website on www.immunogen.com. Following the live webcast, a replay will be available at the same location.

    ABOUT IMMUNOGEN

    ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to "target a better now."

    Learn more about who we are, what we do, and how we do it at www.immunogen.com.

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  4. Encouraging Data from FORWARD II Study of Mirvetuximab in Combination with Avastin® in Recurrent Ovarian Cancer, Regardless of Platinum Status, Presented at ASCO

    Preclinical Data on Next Generation Anti-FRα ADC, IMGN151, Demonstrating Enhanced Anti-Tumor Activity, Presented at AACR

    Positive Opinion on Orphan Drug Designation for IMGN632 for Treatment of BPDCN Adopted by EMA's COMP

    IND Application for Novel ADAM9-Targeting ADC, IMGC936, Accepted by FDA

    Conference Call to be Held at 8:00 a.m. ET Today

    ImmunoGen, Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today reviewed recent progress in the business and reported financial results for the quarter ended June 30…

    Encouraging Data from FORWARD II Study of Mirvetuximab in Combination with Avastin® in Recurrent Ovarian Cancer, Regardless of Platinum Status, Presented at ASCO

    Preclinical Data on Next Generation Anti-FRα ADC, IMGN151, Demonstrating Enhanced Anti-Tumor Activity, Presented at AACR

    Positive Opinion on Orphan Drug Designation for IMGN632 for Treatment of BPDCN Adopted by EMA's COMP

    IND Application for Novel ADAM9-Targeting ADC, IMGC936, Accepted by FDA

    Conference Call to be Held at 8:00 a.m. ET Today

    ImmunoGen, Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today reviewed recent progress in the business and reported financial results for the quarter ended June 30, 2020.

    "Despite the challenges of operating in a fully remote environment due to the pandemic, our performance in the second quarter was marked by sound execution and important data presentations and regulatory milestones," said Mark Enyedy, ImmunoGen's President and Chief Executive Officer. "In an oral presentation at ASCO, we shared data demonstrating the potential of mirvetuximab to serve as the combination agent of choice with Avastin in recurrent ovarian cancer, with an overall response rate in the platinum-resistant subset more than twice the response rate observed with Avastin plus chemotherapy combinations in this population and, in the platinum-sensitive subset, an overall response rate higher than previously seen with platinum-based doublets. We also presented preclinical data at AACR for IMGN151 that support development of this next generation ADC in a wide array of FRα-positive tumor types. On the regulatory front, we were pleased that EMA's Committee for Orphan Medicinal Products adopted a positive opinion to grant IMGN632 orphan drug designation for the treatment of BPDCN and that FDA accepted the IND application for IMGC936. Further, we strengthened our management team by welcoming Stacy Coen as our Chief Business Officer and Susan Altschuller, PhD as our Chief Financial Officer."

    Enyedy continued, "While we have maintained a high level of productivity over the last quarter, the impact of COVID-19 has slowed site activation and patient enrollment for SORAYA, which we believe will result in a limited delay of six- to eight-weeks in the readout of topline data. With conditions improving in Europe, we expect to accelerate both SORAYA and MIRASOL over the remainder of 2020 and continue to anticipate the BLA for mirvetuximab in the second half of 2021. We also look forward to advancing our monotherapy and combination cohorts for IMGN632 and initiating the Phase 1 study of IMGC936 in partnership with MacroGenics. Finally, we will provide mature data from our triplet cohort evaluating mirvetuximab in combination with carboplatin and Avastin in patients with recurrent, platinum-sensitive ovarian cancer at ESMO in September and an update on our progress with IMGN632 at ASH in December."

    RECENT PROGRESS

    • Presented data from the FORWARD II study evaluating mirvetuximab in combination with Avastin (bevacizumab) in recurrent ovarian cancer, regardless of platinum status, in an oral presentation at the virtual American Society of Clinical Oncology (ASCO) Annual Meeting.
    • Continued site activation and patient enrollment in the pivotal SORAYA and confirmatory MIRASOL trials, with sites opening in multiple countries in Europe during the quarter.
    • Received positive opinion from the European Medicines Agency's (EMA) Committee for Orphan Medicinal Products (COMP) to grant IMGN632 orphan drug designation for the treatment of blastic plasmacytoid dendritic cell neoplasm (BPDCN).
    • Advanced multiple cohorts with IMGN632, including monotherapy expansion in BPDCN and minimal residual disease positive (MRD+) acute myeloid leukemia (AML) following frontline induction therapy and combinations with Vidaza® (azacitidine) and Venclexta® (venetoclax) in relapsed/refractory AML patients.
    • Received acceptance for an investigational new drug (IND) application for IMGC936, a novel ADAM9-targeting ADC being co-developed with MacroGenics, from the US Food and Drug Administration (FDA).
    • Presented compelling preclinical data evaluating our next generation anti-folate receptor alpha (FRα) ADC, IMGN151, in ovarian cancer and other tumor types in a poster at the virtual American Association for Cancer Research (AACR) Annual Meeting.
    • Transitioned IMGN151 into preclinical development.
    • Appointed Stacy Coen as Chief Business Officer and Susan Altschuller, PhD as Chief Financial Officer.

    ANTICIPATED UPCOMING EVENTS

    • Present mature data from the FORWARD II platinum-sensitive triplet cohort evaluating mirvetuximab in combination with carboplatin and bevacizumab at the European Society for Medical Oncology (ESMO) Congress in September.
    • Support initiation of an investigator sponsored, randomized trial comparing mirvetuximab plus carboplatin versus standard platinum-based therapy in recurrent platinum-sensitive ovarian cancer in the fourth quarter.
    • Present updated data from the IMGN632 monotherapy BPDCN expansion and progress on the AML monotherapy and combination cohorts at the American Society of Hematology (ASH) Annual Meeting in December.
    • Initiate Phase 1 trial for IMGC936 in ADAM-9 positive solid tumors including non-small cell lung, pancreatic, gastric, and triple negative breast cancer in the fourth quarter.

    FINANCIAL RESULTS

    Revenues for the quarter ended June 30, 2020 were $15.0 million, compared with $15.5 million for the quarter ended June 30, 2019. Revenues in the second quarter of 2020 included $14.1 million in non-cash royalty revenues, compared with $10.4 million for the second quarter of 2019. License and milestone fees of $5.1 million for the second quarter of 2019 included recognition and receipt of a $5 million partner milestone, compared to $0.9 million of upfront license fees recognized in the second quarter of 2020.

    Operating expenses for the second quarter of 2020 were $33.4 million, compared with $56.6 million for the same quarter in 2019. The decrease was primarily driven by a $19.3 million restructuring charge recorded in the prior period. Operating expenses for the current period included a $0.7 million restructuring charge related to retention costs. R&D expenses were $22.9 million in the second quarter of 2020, compared with $28.6 million for the second quarter of 2019. This decrease was primarily due to lower expenses resulting from the restructuring of the business at the end of the second quarter of 2019, including decreases in personnel, facility, and third-party research expenses. Partially offsetting these decreases, clinical trial expenses increased in the current quarter driven by costs related to the Company's MIRASOL, SORAYA, and IMGN632 combination therapy studies. General and administrative expenses for the second quarter of 2020 increased to $9.8 million compared to $8.7 million for the second quarter of 2019, primarily due to increased professional fees and a higher allocation of facility-related expenses for excess laboratory and office space, partially offset by lower personnel expenses.

    Net loss for the second quarter of 2020 was $24.3 million, or $0.14 per basic and diluted share, compared to a net loss of $43.4 million, or $0.29 per basic and diluted share, for the second quarter of 2019. Weighted average shares outstanding increased to 174.4 million from 148.1 million in the prior year.

    ImmunoGen had $219.5 million in cash and cash equivalents as of June 30, 2020, compared with $176.2 million as of December 31, 2019, and had $2.1 million of convertible debt outstanding in each period. Cash used in operations was $56.5 million for the first six months of 2020, compared with cash used in operations of $20.8 million for the same period in 2019. The prior year period benefited from $65.2 million of net proceeds generated from the sale of the Company's residual rights to Kadcyla® (ado-trastuzumab emtansine) royalties in January 2019. Net proceeds from the sale of equipment were $1.4 million for the first six months of 2020 compared with capital expenditures of $(2.4) million for the same period in 2019.

    FINANCIAL GUIDANCE

    ImmunoGen's financial guidance for 2020 remains unchanged:

    • revenues between $60 million and $65 million;
    • operating expenses between $165 million and $170 million; and
    • cash and cash equivalents at December 31, 2020 to be between $170 million and $175 million.

    ImmunoGen is preparing for potential accelerated approval for mirvetuximab in platinum-resistant ovarian cancer and is planning for increased investment in 2021 related to manufacturing in support of commercial launch. With the addition of these investments, the Company expects that its current cash and anticipated cash receipts from partners will fund operations into the second quarter of 2022.

    CONFERENCE CALL INFORMATION

    ImmunoGen will hold a conference call today at 8:00 a.m. ET to discuss these results. To access the live call by phone, dial (877) 621-5803; the conference ID is 4388395. The call may also be accessed through the Investors and Media section of immunogen.com. Following the call, a replay will be available at the same location.

    ABOUT IMMUNOGEN

    ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to "target a better now."

    Learn more about who we are, what we do, and how we do it at www.immunogen.com.

    Avastin®, Vidaza®, Venclexta®, and Kadcyla® are registered trademarks of their respective owners.

    FORWARD-LOOKING STATEMENTS

    This press release includes forward-looking statements based on management's current expectations. These statements include, but are not limited to, ImmunoGen's expectations related to: ImmunoGen's revenues and operating expenses for the twelve months ending December 31, 2020; ImmunoGen's cash and marketable securities as of December 31, 2020; the length of time that ImmunoGen's cash and anticipated cash receipts from partners will fund operations; the occurrence, timing, and outcome of potential pre-clinical, clinical, and regulatory events related to ImmunoGen's product candidates; and the presentation of pre-clinical and clinical data on the Company's product candidates. For these statements, ImmunoGen claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Various factors could cause ImmunoGen's actual results to differ materially from those discussed or implied in the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this release. Factors that could cause future results to differ materially from such expectations include, but are not limited to: the timing and outcome of ImmunoGen's clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of pre-clinical studies, clinical trials, and regulatory processes; the Company's ability to financially support its product programs; risks and uncertainties associated with the scale and duration of the COVID-19 pandemic and resulting impact on ImmunoGen's industry and business; and other factors more fully described in ImmunoGen's Annual Report on Form 10-K for the year ended December 31, 2019 and other reports filed with the Securities and Exchange Commission.

    IMMUNOGEN, INC.
    SELECTED FINANCIAL INFORMATION
    (in thousands, except per share amounts)
     
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     

    June 30,

     

    December 31,

    2020

     

    2019

    ASSETS
     
    Cash and cash equivalents $

    219,506

     

    $

    176,225

     

    Other assets

    50,222

     

    59,037

     

     
    Total assets $

    269,728

     

    $

    235,262

     

     
    LIABILITIES AND SHAREHOLDERS' DEFICIT
     
    Current portion of deferred revenue $

    80

     

    $

    309

     

    Other current liabilities

    90,799

     

    77,101

     

    Long-term portion of deferred revenue

    126,535

     

    127,123

     

    Other long-term liabilities

    76,837

     

    106,850

     

    Shareholders' deficit

    (24,523

    )

    (76,121

    )

     
    Total liabilities and shareholders' deficit $

    269,728

     

    $

    235,262

     

     
     
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

    Three Months Ended

    Six Months Ended

    June 30,

    June 30,

    2020

     

    2019

     

    2020

     

    2019

     
    Revenues:
    Non-cash royalty revenue $

    14,075

     

    $

    10,412

     

    $

    27,072

     

    $

    18,900

     

    License and milestone fees

    945

     

    5,079

     

    1,228

     

    5,158

     

    Research and development support

    5

     

    51

     

    12

     

    68

     

     
    Total revenues

    15,025

     

    15,542

     

    28,312

     

    24,126

     

     
    Expenses:
    Research and development

    22,921

     

    28,559

     

    50,329

     

    67,452

     

    General and administrative

    9,767

     

    8,700

     

    18,631

     

    19,478

     

    Restructuring charge

    699

     

    19,342

     

    1,524

     

    19,901

     

     
    Total operating expenses

    33,387

     

    56,601

     

    70,484

     

    106,831

     

     
    Loss from operations

    (18,362

    )

    (41,059

    )

    (42,172

    )

    (82,705

    )

     
    Non-cash interest expense on liability related to sale of future royalty & convertible bonds

    (6,081

    )

    (3,818

    )

    (11,783

    )

    (7,250

    )

    Interest expense on convertible bonds

    (23

    )

    (23

    )

    (47

    )

    (47

    )

    Other income, net

    168

     

    1,454

     

    616

     

    2,805

     

     
    Net loss $

    (24,298

    )

    $

    (43,446

    )

    $

    (53,386

    )

    $

    (87,197

    )

     
    Basic and diluted net loss per common share $

    (0.14

    )

    $

    (0.29

    )

    $

    (0.31

    )

    $

    (0.59

    )

     
    Basic and diluted weighted average common shares outstanding

    174,354

     

    148,129

     

    171,055

     

    147,972

     

     

     

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  5. ImmunoGen, Inc., (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that Anna Berkenblit, Chief Medical Officer, will participate in a fireside chat at the upcoming 40th Annual Canaccord Genuity Virtual Growth Conference. The presentation is scheduled for August 12, 2020 at 9:00am ET.

    A webcast of the presentation will be accessible through the Investors and Media section of the Company's website on www.immunogen.com. Following the live webcast, a replay will be available at the same location.

    ABOUT IMMUNOGEN

    ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients. By generating targeted therapies with enhanced…

    ImmunoGen, Inc., (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that Anna Berkenblit, Chief Medical Officer, will participate in a fireside chat at the upcoming 40th Annual Canaccord Genuity Virtual Growth Conference. The presentation is scheduled for August 12, 2020 at 9:00am ET.

    A webcast of the presentation will be accessible through the Investors and Media section of the Company's website on www.immunogen.com. Following the live webcast, a replay will be available at the same location.

    ABOUT IMMUNOGEN

    ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to "target a better now."

    Learn more about who we are, what we do, and how we do it at www.immunogen.com.

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