IMGN ImmunoGen Inc.

5.57
-0.04  -1%
Previous Close 5.61
Open 5.64
52 Week Low 1.95
52 Week High 7.07
Market Cap $1,044,529,556
Shares 187,527,748
Float 168,626,337
Enterprise Value $871,603,168
Volume 1,140,420
Av. Daily Volume 2,936,375
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Upcoming Catalysts

Drug Stage Catalyst Date
IMGN632
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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Mirvetuximab - MIRASOL
Cancer - ovarian cancer and relapsed endometrial cancer
Phase 3
Phase 3
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Drug Pipeline

Drug Stage Notes
IMGC936
Solid Tumors
Phase 1
Phase 1
Phase 1 trial has commenced enrollment.
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.
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. ImmunoGen Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that the Company will host a conference call at 8:00am ET on Monday, December 7, 2020 to discuss updated findings from the first-in-human trial of IMGN632, an antibody-drug conjugate targeting CD123, in patients with relapsed/refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN) to be presented in an oral session at the 62nd American Society of Hematology (ASH) Annual Meeting on December 5, 2020. During the call, Dr. Naveen Pemmaraju, Associate Professor in the Department of Leukemia at MD Anderson Cancer Center, will summarize the data presented during the oral session and management will provide…

    ImmunoGen Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that the Company will host a conference call at 8:00am ET on Monday, December 7, 2020 to discuss updated findings from the first-in-human trial of IMGN632, an antibody-drug conjugate targeting CD123, in patients with relapsed/refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN) to be presented in an oral session at the 62nd American Society of Hematology (ASH) Annual Meeting on December 5, 2020. During the call, Dr. Naveen Pemmaraju, Associate Professor in the Department of Leukemia at MD Anderson Cancer Center, will summarize the data presented during the oral session and management will provide an update on the pathway to FDA approval for IMGN632 in BPDCN as well as recent progress in the acute myeloid leukemia (AML) program.

    CONFERENCE CALL INFORMATION

    To access the live call by phone, dial (877) 621-5803; the conference ID is 1795760. The call, along with associated slides, 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.

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  2. ImmunoGen, Inc., (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that the following presentations by Company management at upcoming investor conferences will be webcast:

    • Piper Sandler 32nd Annual Virtual Healthcare Conference
      November 23 at 10:00am ET
    • Evercore ISI Annual HealthCONx Conference
      December 1 at 12:10pm ET

    A webcast of each presentation will be accessible through the Investors and Media section of the Company's website, 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…

    ImmunoGen, Inc., (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that the following presentations by Company management at upcoming investor conferences will be webcast:

    • Piper Sandler 32nd Annual Virtual Healthcare Conference

      November 23 at 10:00am ET
    • Evercore ISI Annual HealthCONx Conference

      December 1 at 12:10pm ET

    A webcast of each presentation will be accessible through the Investors and Media section of the Company's website, 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.

    View Full Article Hide Full Article
  3. Partnership with Huadong Medicine Accelerates Development and Commercialization of Mirvetuximab Soravtansine in Greater China

    Encouraging Anti-Tumor Activity and Tolerability Data from FORWARD II Triplet Cohort Evaluating Mirvetuximab in Combination with Carboplatin and Avastin® in Platinum-Sensitive Ovarian Cancer Presented at ESMO

    FDA Breakthrough Therapy Designation Received for IMGN632 in Relapsed or Refractory BPDCN

    First Patient Enrolled in Phase 1 Trial Evaluating ADAM9-Targeting ADC, IMGC936, in Solid Tumors

    Strengthened Balance Sheet Expected to Fund Operations into the Second Half of 2022

    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…

    Partnership with Huadong Medicine Accelerates Development and Commercialization of Mirvetuximab Soravtansine in Greater China

    Encouraging Anti-Tumor Activity and Tolerability Data from FORWARD II Triplet Cohort Evaluating Mirvetuximab in Combination with Carboplatin and Avastin® in Platinum-Sensitive Ovarian Cancer Presented at ESMO

    FDA Breakthrough Therapy Designation Received for IMGN632 in Relapsed or Refractory BPDCN

    First Patient Enrolled in Phase 1 Trial Evaluating ADAM9-Targeting ADC, IMGC936, in Solid Tumors

    Strengthened Balance Sheet Expected to Fund Operations into the Second Half of 2022

    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 September 30, 2020.

    "We have generated significant momentum over the last several months, achieving a number of important milestones across the business," said Mark Enyedy, ImmunoGen's President and Chief Executive Officer. "Our collaboration with Huadong Medicine accelerates access to mirvetuximab for ovarian cancer patients in Greater China with an ideal partner who brings extensive regional and oncology development and commercialization experience and capabilities. Beyond Greater China, we continue to prioritize enrollment in our pivotal trials and remain on track to report top-line data in the third quarter of 2021 for SORAYA and the first half of 2022 for MIRASOL."

    Enyedy continued, "At ESMO in September, we shared final data from our FORWARD II triplet cohort, which demonstrated the encouraging efficacy and favorable tolerability of mirvetuximab in combination with carboplatin and Avastin® in FRα-positive recurrent, platinum-sensitive ovarian cancer. We are working to define the best path to label expansion for our combination regimens to benefit patients in earlier lines of therapy and establish mirvetuximab as the agent of choice to pair with other agents in ovarian cancer. On the regulatory front, we were pleased to receive FDA Breakthrough Therapy designation for IMGN632 in relapsed or refractory BPDCN, confirming the high unmet need for safe and effective therapies for this rare, aggressive cancer. We continue to advance multiple cohorts with IMGN632 and look forward to presenting updated monotherapy BPDCN expansion data in an oral presentation at ASH. Furthermore, we were pleased to enroll the first patient in our Phase 1 trial evaluating IMGC936, our ADAM9-targeting ADC in co-development with MacroGenics. Finally, we have further strengthened our balance sheet via our At-the-Market facility and business development activities and now expect to fund operations into the second half of 2022."

    RECENT PROGRESS

    • Entered into an exclusive collaboration to develop and commercialize mirvetuximab soravtansine in mainland China, Hong Kong, Macau, and Taiwan (Greater China) for an upfront payment of $40 million, with the potential to receive additional milestone payments of up to $265 million as certain development, regulatory, and commercial objectives are achieved, as well as low double-digit to high teen royalties as a percentage of mirvetuximab commercial sales. Lazard acted as financial advisor and Ropes & Gray LLP acted as legal advisor to ImmunoGen in support of this transaction.
    • Continued site activation and patient enrollment in the pivotal SORAYA and confirmatory MIRASOL trials.
    • Presented mature data from the FORWARD II platinum-sensitive triplet cohort evaluating mirvetuximab in combination with carboplatin and Avastin® (bevacizumab) at the European Society for Medical Oncology (ESMO) Congress.
    • Received Breakthrough Therapy designation from the US Food and Drug Administration (FDA) for IMGN632 in relapsed or refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN).
    • Continued to advance 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 or refractory AML patients.
    • Enrolled first patient in a Phase 1 trial evaluating IMGC936, a novel ADAM9-targeting ADC being co-developed with MacroGenics, in solid tumors including non-small cell lung, colorectal, pancreatic, gastric, and triple negative breast cancers.
    • Entered into an exclusive license with Viridian Therapeutics, Inc. to develop and commercialize an insulin-like growth factor-1 receptor (IGF-1R) antibody for all non-oncology indications that do not use radiopharmaceuticals in exchange for an upfront payment, with the potential to receive additional development milestone payments of approximately $50 million and up to $95 million in sales milestone payments plus mid-single-digit royalties on the commercial sales of any resulting product.

    ANTICIPATED UPCOMING EVENTS

    • Present updated data from the IMGN632 monotherapy BPDCN expansion cohort in an oral presentation at the American Society of Hematology (ASH) Annual Meeting in December, which will build upon the abstract data recently released showing an overall response rate of 30% in 23 heavily pretreated, relapsed/refractory patients, along with a favorable safety and tolerability profile, without capillary leak syndrome or need for hospitalization for administration. A trial-in-progress poster on the AML monotherapy and combination cohorts will also be presented.
    • Support initiation of an investigator sponsored, randomized trial comparing mirvetuximab plus carboplatin versus standard platinum-based therapy in recurrent platinum-sensitive ovarian cancer.

    FINANCIAL RESULTS

    Revenues for the quarter ended September 30, 2020 were $18.2 million, compared with $13.3 million for the quarter ended September 30, 2019, which consisted primarily of non-cash royalty revenues.

    Operating expenses for the third quarter of 2020 were $34.9 million, compared with $31.2 million for the same quarter in 2019. The increase was largely driven by R&D expenses, which were $24.7 million in the third quarter of 2020, compared with $21.0 million for the third quarter of 2019. This increase was primarily due to greater clinical trial expenses driven by costs related to the Company's MIRASOL, SORAYA, and IMGN632 studies and lower partner cost-sharing reimbursements. General and administrative expenses for the third quarter of 2020 increased to $10.2 million compared to $9.2 million for the third quarter of 2019, primarily due to increased professional fees. Operating expenses for the prior quarter included a $1.0 million restructuring charge related to retention costs.

    Net loss for the third quarter of 2020 was $22.4 million, or $0.13 per basic and diluted share, compared to a net loss of $21.8 million, or $0.15 per basic and diluted share, for the third quarter of 2019. Weighted average shares outstanding increased to 174.5 million from 148.5 million in the prior year.

    ImmunoGen had $188.2 million in cash and cash equivalents as of September 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 $87.2 million for the first nine months of 2020, compared with cash used in operations of $55.8 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 $0.6 million for the first nine months of 2020 compared with capital expenditures of $(2.8) million for the same period in 2019.

    In October 2020, the Company sold 12.9 million shares of its common stock through its At-the-Market ("ATM") facility, generating net proceeds to the Company of approximately $54 million, after deducting underwriting discounts and estimated offering expenses. Additionally, pursuant to a collaboration agreement executed with Huadong Medicine in October 2020, the Company received a $40 million upfront payment.

    FINANCIAL GUIDANCE

    ImmunoGen has updated its financial guidance for 2020 as follows:

    • revenues between $60 million and $65 million;
    • operating expenses between $160 million and $165 million; and
    • cash and cash equivalents at December 31, 2020 to be between $245 million and $250 million.

    Revenue guidance does not include any potential impact from the agreement with Huadong Medicine. ImmunoGen expects that its current cash, inclusive of the $40 million upfront payment received from the collaboration agreement with Huadong Medicine and $54 million of net proceeds generated from the recent ATM facility, as well as anticipated future cash receipts from partners, will fund operations into the second half 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 9864218. 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: 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.

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

    September 30,

     

    December 31,

    2020

     

    2019

    ASSETS
     
    Cash and cash equivalents

    $

    188,217

     

    $

    176,225

     

    Other assets

     

    59,735

     

     

    59,037

     

     
    Total assets

    $

    247,952

     

    $

    235,262

     

     
    LIABILITIES AND SHAREHOLDERS' DEFICIT
     
    Current portion of deferred revenue

    $

    3,985

     

    $

    309

     

    Other current liabilities

     

    95,836

     

     

    77,101

     

    Long-term portion of deferred revenue

     

    126,541

     

     

    127,123

     

    Other long-term liabilities

     

    64,481

     

     

    106,850

     

    Shareholders' deficit

     

    (42,891

    )

     

    (76,121

    )

     
    Total liabilities and shareholders' deficit

    $

    247,952

     

    $

    235,262

     

     
     
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

    Three Months Ended

     

    Nine Months Ended

    September 30,

     

    September 30,

    2020

     

    2019

     

    2020

     

    2019

     
    Revenues:
    Non-cash royalty revenue

    $

    18,087

     

    $

    13,202

     

    $

    45,159

     

    $

    32,102

     

    License and milestone fees

     

    97

     

     

    79

     

     

    1,325

     

     

    5,237

     

    Research and development support

     

    5

     

     

    -

     

     

    17

     

     

    68

     

     
    Total revenues

     

    18,189

     

     

    13,281

     

     

    46,501

     

     

    37,407

     

     
    Expenses:
    Research and development

     

    24,685

     

     

    21,015

     

     

    75,014

     

     

    88,467

     

    General and administrative

     

    10,231

     

     

    9,208

     

     

    28,862

     

     

    28,686

     

    Restructuring charge

     

    -

     

     

    1,020

     

     

    1,524

     

     

    20,921

     

     
    Total operating expenses

     

    34,916

     

     

    31,243

     

     

    105,400

     

     

    138,074

     

     
    Loss from operations

     

    (16,727

    )

     

    (17,962

    )

     

    (58,899

    )

     

    (100,667

    )

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

     

    (5,645

    )

     

    (4,275

    )

     

    (17,428

    )

     

    (11,525

    )

    Interest expense on convertible bonds

     

    (24

    )

     

    (24

    )

     

    (71

    )

     

    (71

    )

    Other income, net

     

    22

     

     

    511

     

     

    638

     

     

    3,316

     

     
    Net loss

    $

    (22,374

    )

    $

    (21,750

    )

    $

    (75,760

    )

    $

    (108,947

    )

     
    Basic and diluted net loss per common share

    $

    (0.13

    )

    $

    (0.15

    )

    $

    (0.44

    )

    $

    (0.74

    )

     
    Basic and diluted weighted average common shares outstanding

     

    174,508

     

     

    148,479

     

     

    172,215

     

     

    148,143

     

     

     

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  4. 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 participate in a fireside chat at the upcoming Jefferies Virtual London Healthcare Conference. The presentation is scheduled for November 18, 2020 at 12:00pm ET.

    A webcast of the presentation will be accessible through the Investors and Media section of the Company's website, 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…

    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 participate in a fireside chat at the upcoming Jefferies Virtual London Healthcare Conference. The presentation is scheduled for November 18, 2020 at 12:00pm ET.

    A webcast of the presentation will be accessible through the Investors and Media section of the Company's website, 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.

    View Full Article Hide Full Article
  5. ImmunoGen, Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that the Company will host a conference call at 8:00 a.m. ET on Friday, November 6, 2020 to discuss its third quarter operating results. Management will also provide a brief update on the business.

    Conference Call Information

    To access the live call by phone, dial (877) 621-5803; the conference ID is 9864218. The call may also be accessed through the Investors and Media section of the Company's website, www.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…

    ImmunoGen, Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that the Company will host a conference call at 8:00 a.m. ET on Friday, November 6, 2020 to discuss its third quarter operating results. Management will also provide a brief update on the business.

    Conference Call Information

    To access the live call by phone, dial (877) 621-5803; the conference ID is 9864218. The call may also be accessed through the Investors and Media section of the Company's website, www.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.

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