IMGN ImmunoGen Inc.

4.81
-0.11  -2%
Previous Close 4.92
Open 4.79
52 Week Low 4.84
52 Week High 10.88
Market Cap $974,599,737
Shares 202,619,488
Float 179,725,214
Enterprise Value $770,529,880
Volume 1,241,889
Av. Daily Volume 1,587,459
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Upcoming Catalysts

Drug Stage Catalyst Date
IMGN632 + Vidaza + Venclexta
Acute Myeloid Leukemia (AML)
Phase 1/2
Phase 1/2
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IMGN632
Relapse/Refractory AML, ALL, BPDCN
Phase 1/2
Phase 1/2
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Mirvetuximab - SORAYA
Ovarian cancer
Phase 3
Phase 3
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IMGC936
Solid Tumors
Phase 1
Phase 1
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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
Mirvetuximab - PICCOLO
Ovarian cancer
Phase 2
Phase 2
Phase 2 trial ongoing, noted October 29, 2021.
IMGN-151
Variuos cancers
Phase 1
Phase 1
IND filing expected YE 2021.
Mirvetuximab soravtansine - FORWARD II
Ovarian cancer and relapsed endometrial cancer
Phase 1/2
Phase 1/2
Phase 1b mature data presented at ASCO June 4, 2021. Abstract showed overall response rate (ORR) of 50%; progression-free survival (PFS) of 8.3 months.

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 the appointment of Tracey L. McCain, Esq. to its Board of Directors.

    "We are thrilled to have Tracey join ImmunoGen's Board of Directors at this critical juncture for the Company," said Stephen McCluski, ImmunoGen's Chairman of the Board of Directors. "As ImmunoGen awaits top-line data from the pivotal SORAYA trial for mirvetuximab soravtansine in ovarian cancer this quarter, continues to advance its pipeline, and prepares for potential commercialization next year, Tracey's impressive legal background supporting a variety of corporate initiatives will be instrumental to the Board and management team…

    ImmunoGen Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced the appointment of Tracey L. McCain, Esq. to its Board of Directors.

    "We are thrilled to have Tracey join ImmunoGen's Board of Directors at this critical juncture for the Company," said Stephen McCluski, ImmunoGen's Chairman of the Board of Directors. "As ImmunoGen awaits top-line data from the pivotal SORAYA trial for mirvetuximab soravtansine in ovarian cancer this quarter, continues to advance its pipeline, and prepares for potential commercialization next year, Tracey's impressive legal background supporting a variety of corporate initiatives will be instrumental to the Board and management team in ensuring the Company continues to have best-in-class governance and compliance measures in place."

    Ms. McCain has more than 20 years of legal, management, and transactional experience in the biopharmaceutical industry and currently serves as the Executive Vice President and Chief Legal and Compliance Officer at Blueprint Medicines Corporation. Prior to joining Blueprint, she served as Senior Vice President and Head of Legal for Sanofi Genzyme, was a member of the executive leadership team, and a member of the leadership team for Sanofi's global legal department. Prior to that, Ms. McCain served as Genzyme's general counsel after it was acquired by Sanofi in 2011. In her capacity as Genzyme's general counsel, Ms. McCain was responsible for all aspects of its legal department in the U.S. and throughout Europe, including general corporate, commercial and intellectual property matters, and support of business development initiatives. Prior to Genzyme's acquisition, Ms. McCain was also responsible for managing the securities and employment law teams and support of non-patent litigation. Before Genzyme, Ms. McCain was an associate at the law firm Palmer & Dodge LLP. She received her B.A. from the University of Pennsylvania and her J.D. from Columbia University School of Law.

    Ms. McCain stated, "I'm excited to join ImmunoGen's Board during this pivotal time, as the Company approaches an important clinical readout, while simultaneously progressing the rest of its pipeline of novel ADCs. I look forward to offering my expertise and working with ImmunoGen's leadership as the Company looks to transition into a fully integrated oncology company next year."

    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.

    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 preclinical, clinical, and regulatory events related to the Company's product candidates, in particular with respect to mirvetuximab soravtansine and IMGN632, and the launch of those product candidates next year; and the presentation of preclinical and clinical data on the Company's product candidates, including with respect to mirvetuximab soravtansine and IMGN632. 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 the Company's preclinical and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of preclinical 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 the resulting impact on ImmunoGen's industry and business; and other factors as set forth in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2021, and other reports filed with the Securities and Exchange Commission.

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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 Kristen Harrington-Smith has been appointed Senior Vice President and Chief Commercial Officer.

    "We are excited that Kristen has joined ImmunoGen's management team at such an important time, as we look forward to reporting top-line data from our pivotal SORAYA trial this quarter and prepare for the potential launch of mirvetuximab soravtansine next year," said Mark Enyedy, ImmunoGen's President and Chief Executive Officer. "With over two decades of commercial experience in the pharmaceutical industry, Kristen brings invaluable knowledge to ImmunoGen that will serve us well as we look to build a…

    ImmunoGen Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that Kristen Harrington-Smith has been appointed Senior Vice President and Chief Commercial Officer.

    "We are excited that Kristen has joined ImmunoGen's management team at such an important time, as we look forward to reporting top-line data from our pivotal SORAYA trial this quarter and prepare for the potential launch of mirvetuximab soravtansine next year," said Mark Enyedy, ImmunoGen's President and Chief Executive Officer. "With over two decades of commercial experience in the pharmaceutical industry, Kristen brings invaluable knowledge to ImmunoGen that will serve us well as we look to build a best-in-class commercial organization and continue to advance our pipeline of innovative ADCs targeting solid tumors and hematologic malignancies."

    Ms. Harrington-Smith joins ImmunoGen from Novartis Pharmaceuticals, where she served as US Commercial Head of Hematology and led the teams responsible for a broad portfolio of therapies in both benign and malignant hematologic diseases. Prior to this, Ms. Harrington-Smith held roles of increasing responsibility at Novartis, including leading the commercial launch of Kymriah®, the first CAR-T cell therapy, building management, sales, and marketing teams, and supporting the launch of Gilenya® for the treatment of multiple sclerosis. Ms. Harrington-Smith received a BA from Williams College and an MBA from the Kenan-Flagler Business School at the University of North Carolina.

    "I am thrilled to join ImmunoGen at this pivotal moment in the company's evolution and look forward to contributing to a successful transition to a commercial oncology company," said Ms. Harrington-Smith. "I believe ImmunoGen's portfolio of next-generation ADCs has the potential to change the course of cancer care, and I am excited to help bring these novel therapies to patients in need."

    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.

    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 preclinical, clinical, and regulatory events related to the Company's product candidates, in particular with respect to the potential launch of mirvetuximab soravtansine; the presentation of preclinical and clinical data on the Company's product candidates, including with respect to mirvetuximab soravtansine; and the Company's business and product development strategies. 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 the Company's preclinical and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of preclinical 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 the resulting impact on ImmunoGen's industry and business; and other factors as set forth in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2021, and other reports filed with the Securities and Exchange Commission.

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  3. Triplet Demonstrated Manageable Safety Profile and Encouraging Activity, with 55% Objective Response Rate Across All Doses/Schedules in Escalation

    Data for IMGN632 in Frontline BPDCN Patients Will Also be Presented

    ImmunoGen Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced initial safety and efficacy findings from its Phase 1b/2 study of IMGN632 in combination with Vidaza® (azacitidine) and Venclexta® (venetoclax) (triplet) in patients with relapsed/refractory (R/R) acute myeloid leukemia (AML). These data will be presented in an oral session at the 63rd American Society of Hematology (ASH) Annual Meeting December 11-14. Data for IMGN632 in frontline patients…

    Triplet Demonstrated Manageable Safety Profile and Encouraging Activity, with 55% Objective Response Rate Across All Doses/Schedules in Escalation

    Data for IMGN632 in Frontline BPDCN Patients Will Also be Presented

    ImmunoGen Inc. (NASDAQ:IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced initial safety and efficacy findings from its Phase 1b/2 study of IMGN632 in combination with Vidaza® (azacitidine) and Venclexta® (venetoclax) (triplet) in patients with relapsed/refractory (R/R) acute myeloid leukemia (AML). These data will be presented in an oral session at the 63rd American Society of Hematology (ASH) Annual Meeting December 11-14. Data for IMGN632 in frontline patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN) will also be presented in a poster session at ASH.

    IMGN632 is a CD123-targeting ADC comprised of a high-affinity antibody coupled to a DNA-alkylating payload of the novel IGN (indolinobenzodiazepine pseudodimer) class. IGNs are designed to have high potency against leukemic blasts while demonstrating less toxicity to normal marrow progenitors than other DNA-targeting payloads.

    "These data demonstrate the promising anti-leukemia activity and manageable safety profile of the IMGN632 triplet in AML, and we are encouraged by its potential in patients with relapsed/refractory AML, where well-tolerated, effective options remain quite limited," said Anna Berkenblit, MD, Senior Vice President and Chief Medical Officer of ImmunoGen. "We are focused on optimizing the safety and efficacy of the IMGN632 triplet, and we look forward to advancing this program into expansion cohorts in both the relapsed/refractory and frontline AML settings."

    ORAL PRESENTATION DETAILS

    Title (Abstract #372): "Safety and Efficacy from a Phase 1b/2 Study of IMGN632 in Combination with Azacitidine and Venetoclax for Patients with CD123-Positive Acute Myeloid Leukemia"

    Oral Session: 616

    Session Date: Sunday, December 12, 2021

    Session Time: 9:30 am - 11:00 am

    Key findings include:

    Safety

    • IMGN632 was administered to 35 patients at dose levels ranging from 15 to 45 mcg/kg, azacitidine at 50-75 mg/m2 for 7 days, and venetoclax at 400 mg daily for 8-21 days.
    • IMGN632 continued to display a manageable safety profile in R/R AML patients.
    • The most common treatment emergent adverse events (TEAE) all grades [grade 3+ events] seen in >20% of patients were infusion-related reactions (IRR, 37% [3%]), febrile neutropenia (26% [23%]), hypophosphatemia (26% [3%]), dyspnea (26% [6%]), pneumonia (20% [14%]), and fatigue (20% [0%]).
    • No tumor lysis syndrome, veno-occlusive disease, capillary leak, or cytokine release were reported.

    Efficacy

    • Responses were seen across all cohorts/doses and schedules (efficacy evaluable population, n=29). The objective response rate (ORR) was 55%, with a composite complete remission (CCR) rate of 31% (1 CR, 4 CRh, 2 CRp, 2 CRi).
    • Higher intensity cohorts (n=20) were associated with higher response rates including an ORR of 75% and a CCR rate of 40%.
    • Significant activity was also observed in the FLT3 mutant subset (n=7), with ORR and CCR rates of 100% and 71%, respectively.

    In addition, data from three frontline BPDCN patients who received IMGN632 prior to commencement of the enrolling pivotal cohort will be highlighted in a poster presentation at ASH. All three patients achieved a clinical complete remission (CRc).

    POSTER PRESENTATION DETAILS

    Title (Abstract #1284): "Experience with IMGN632, a Novel CD123-Targeting Antibody-Drug Conjugate, in Frontline Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm"

    Poster Session: 616

    Date: Saturday, December 11, 2021

    Time: 5:30 pm - 7:30 pm

    Additional information can be found at www.hematology.org, including abstracts.

    ABOUT IMGN632

    IMGN632 is a CD123-targeting ADC in clinical development for hematological malignancies, including blastic plasmacytoid dendritic cell neoplasm (BPDCN), acute myeloid leukemia (AML), and other CD123+ hematologic malignancies. IMGN632 is currently being evaluated in multiple cohorts, including monotherapy for patients with BPDCN and minimal residual disease positive (MRD+) AML and in combinations with Vidaza® (azacitidine) and Venclexta® (venetoclax) for patients with relapsed/refractory AML. IMGN632 uses one of ImmunoGen's novel indolinobenzodiazepine (IGN) payloads, which alkylate DNA and cause single strand breaks without crosslinking. IGNs are designed to have high potency against tumor cells, while demonstrating less toxicity to normal marrow progenitors than other DNA-targeting payloads. The FDA granted IMGN632 Breakthrough Therapy Designation in relapsed/refractory BPDCN.

    ABOUT ACUTE MYELOID LEUKEMIA (AML)

    AML is a cancer of the bone marrow cells that produce white blood cells. It causes the marrow to increasingly generate abnormal, immature white blood cells (blasts) that do not mature into effective infection-fighting cells. The blasts quickly fill the bone marrow, impacting the production of normal platelets and red blood cells. The resulting deficiencies in normal blood cells leave the patient vulnerable to infections, bleeding problems, and anemia. It is estimated that, in the U.S. alone, more than 20,000 people will be diagnosed with AML this year and more than 11,000 will die from the disease.

    ABOUT BLASTIC PLASMACYTOID DENDRITIC CELL NEOPLASM (BPDCN)

    BPDCN is a rare form of blood cancer that has features of both leukemia and lymphoma, with characteristic skin lesions, lymph node involvement, and frequent spread to the bone marrow. This aggressive cancer requires intense treatment often followed by stem cell transplant. Despite the approval of a CD123-targeting therapy, the unmet need remains high for patients, both in the frontline and in the relapsed/refractory setting.

    ABOUT CD123

    CD123, the interleukin-3 alpha chain, is expressed on multiple myeloid and lymphoid cancers including AML, BPDCN, ALL, chronic myeloid leukemia, and myeloproliferative neoplasms. With limited expression on normal hematopoietic cells, rapid internalization, and expression on AML leukemia stem cells, CD123 is a validated therapeutic target, with the approval of a CD123-targeting therapy for BPDCN.

    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.

    Vidaza® and Venclexta® 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 preclinical and clinical events related to the Company's product candidates, in particular with respect to IMGN632; and the presentation of preclinical and clinical data on the Company's product candidates, including with respect to IMGN632. 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 the Company's preclinical and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of preclinical 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 the resulting impact on ImmunoGen's industry and business; and other factors as set forth in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2021, and other reports filed with the Securities and Exchange Commission.

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  4. Top-Line Data from Pivotal SORAYA Trial Evaluating Mirvetuximab Soravtansine in Platinum-Resistant Ovarian Cancer on Track for Release this Quarter

    IMGN632 AML Combination Data to be Highlighted at ASH Annual Meeting

    PICCOLO, Single-Arm Study of Mirvetuximab in Platinum-Sensitive Ovarian Cancer, Open for Enrollment

    Earlier-Stage Pipeline Continues to Progress

    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, 2021.

    "We look forward to announcing top-line data from our pivotal SORAYA trial this quarter…

    Top-Line Data from Pivotal SORAYA Trial Evaluating Mirvetuximab Soravtansine in Platinum-Resistant Ovarian Cancer on Track for Release this Quarter

    IMGN632 AML Combination Data to be Highlighted at ASH Annual Meeting

    PICCOLO, Single-Arm Study of Mirvetuximab in Platinum-Sensitive Ovarian Cancer, Open for Enrollment

    Earlier-Stage Pipeline Continues to Progress

    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, 2021.

    "We look forward to announcing top-line data from our pivotal SORAYA trial this quarter, including data on the primary endpoint of overall response rate and key secondary endpoint of duration of response. With positive data, we will move quickly to complete the BLA, with the goal of submitting the filing in the first quarter of 2022," said Mark Enyedy, ImmunoGen's President and Chief Executive Officer. "In addition to SORAYA, we continue to advance a broad program to establish mirvetuximab as the standard of care for patients with FRα-positive ovarian cancer. Our confirmatory MIRASOL trial is enrolling at over 160 sites in 18 countries in North America, Europe, Asia, and Australia, and we have initiated the PICCOLO trial, which could support label expansion in recurrent platinum-sensitive ovarian cancer. Beyond mirvetuximab monotherapy, the first patients have been enrolled in the large investigator-sponsored studies evaluating mirvetuximab combined with carboplatin in both the neoadjuvant and recurrent platinum-sensitive settings to support our objective of making mirvetuximab the combination agent of choice in ovarian cancer, and we look forward to sharing our label-enabling combination strategy early next year."

    Enyedy continued, "In addition, our IMGN632, IMGC936, and IMGN151 programs are advancing as planned. We anticipate presenting data on IMGN632 in AML at ASH in December, have escalated dosing in multiple solid tumors with our ADAM-9 targeting ADC, IMGC936, and expect to file the IND for IMGN151, our next-generation FRα-targeting ADC, by year-end. As we close out 2021, we remain focused on execution and look forward to transforming ImmunoGen into a fully integrated oncology company with the potential for commercial launch next year."

    RECENT PROGRESS

    • Further enrolled patients in the confirmatory MIRASOL study for mirvetuximab.
    • Initiated PICCOLO, a single-arm study of mirvetuximab monotherapy in high folate receptor alpha (FRα) recurrent platinum-sensitive ovarian cancer.
    • Enrolled the first patients in the investigator-sponsored trials of mirvetuximab plus carboplatin in a single-arm study in the neoadjuvant setting and a randomized study in patients with recurrent platinum-sensitive ovarian cancer.
    • Advanced accrual in the pivotal 801 Phase 2 study, now known as CADENZA, of IMGN632 in frontline and relapsed/refractory (R/R) blastic plasmacytoid dendritic cell neoplasm (BPDCN).
    • Continued patient enrollment in the 802 Phase 1b/2 study of IMGN632 in combination with Vidaza® (azacitidine) and Venclexta® (venetoclax) in R/R acute myeloid leukemia (AML) patients and as a monotherapy in minimal residual disease positive (MRD+) AML.
    • Escalated dosing in the Phase 1 study of IMGC936 in multiple solid tumor types.
    • Progressed activities to support an investigational new drug (IND) application for IMGN151.
    • Appointed Helen M. Thackray, MD, to the Board of Directors.

    ANTICIPATED UPCOMING EVENTS

    • Release top-line data from the pivotal SORAYA study this quarter, with the goal of submitting the biologics license application (BLA) in the first quarter of 2022 to support potential accelerated approval in 2022.
    • Present initial AML combination data for IMGN632 at the 2021 American Society of Hematology (ASH) Annual Meeting in December.
    • Submit the IND application for IMGN151 by the end of 2021.
    • Complete dose-escalation in the Phase 1 study evaluating IMGC936, with initial data anticipated in 2022.
    • Generate top-line data for the confirmatory MIRASOL study in the third quarter of 2022.

    FINANCIAL RESULTS

    Revenues for the quarter ended September 30, 2021 were $9.2 million, compared with $18.2 million for the quarter ended September 30, 2020. This decrease was driven by a reduction in non-cash royalty revenue due to the completion of the first tranche of payments under the 2015 transaction covering the sale of Kadcyla® royalties. Revenues for the quarter ended September 30, 2021 also included recognition of an anticipated $2.5 million partner development milestone fee.

    Operating expenses for the third quarter of 2021 were $43.4 million, compared with $34.9 million for the same quarter in 2020. Research and development expenses rose to $33.1 million for the third quarter of 2021, compared with $24.7 million for the third quarter of 2020, driven by increases in clinical trial expenses, personnel and temporary staffing costs, and third-party service fees in support of commercial readiness. General and administrative expenses were essentially flat at $10.3 million and $10.2 million for the third quarters of 2021 and 2020, respectively.

    Net loss for the third quarter of 2021 was $37.3 million, or $0.18 per basic and diluted share, compared to a net loss of $22.4 million, or $0.13 per basic and diluted share, for the third quarter of 2020. Weighted average shares outstanding increased to 204.8 million for the 2021 period from 174.5 million in the prior year.

    ImmunoGen had $245.8 million in cash and cash equivalents as of September 30, 2021, compared with $293.9 million as of December 31, 2020, and had $2.1 million of convertible debt outstanding as of December 31, 2020. There was no convertible debt outstanding as of September 30, 2021. Cash used in operations was $123.5 million for the first nine months of 2021, compared with cash used in operations of $87.2 million for the same period in 2020. Capital expenditures were $(1.1) million for the first nine months of 2021, compared with net proceeds from the sale of equipment of $0.6 million for the first nine months of 2020.

    During the quarter ended September 30, 2021, the Company sold 2.2 million shares of its common stock through its At-the-Market (ATM) facility, generating gross proceeds to the Company of approximately $13 million. In August 2021, the Company entered into a Securities Purchase Agreement pursuant to which the Company agreed to sell to an investor a warrant to purchase up to an aggregate of 5,434,782 shares of the Company's common stock for a nominal value, generating additional gross proceeds of approximately $30 million.

    FINANCIAL GUIDANCE

    ImmunoGen has updated its financial guidance for 2021 and now expects:

    • revenues between $65 million and $75 million;
    • operating expenses between $190 million and $200 million; and
    • cash and cash equivalents at December 31, 2021 to be between $190 million and $200 million.

    ImmunoGen expects that its current cash will fund operations into the fourth 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 1587202. 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.

    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 Company's revenues and operating expenses for 2021 and its cash and cash equivalents as of December 31, 2021; how long its current cash is expected to fund operations; the occurrence, timing, and outcome of potential preclinical, clinical, and regulatory events related to, and the potential benefits of, the Company's product candidates including the submission of the Company's IND to the FDA for IMGN151, the submission of the Company's BLA to the FDA for mirvetuximab, and the launch of two ADCs next year; and the timing and presentation of preclinical and clinical data on the Company's product candidates, including the release of top-line data from the pivotal SORAYA study in the fourth quarter of 2021 and the confirmatory MIRASOL study in the third quarter of 2022. 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 the Company's preclinical and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of preclinical studies, clinical trials, and regulatory processes; the timing and outcome of the Company's anticipated interactions with regulatory authorities; obtaining, maintaining, and protecting the Company's intellectual property; 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 the resulting impact on ImmunoGen's industry and business; and other factors as set forth in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2021, 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,

    2021

    2020

    ASSETS
     
    Cash and cash equivalents $

    245,761

     

    $

    293,856

     

    Other assets

    51,042

     

    61,216

     

     
    Total assets $

    296,803

     

    $

    355,072

     

     
    LIABILITIES AND SHAREHOLDERS' EQUITY
     
    Current portion of deferred revenue $

    53,526

     

    $

    29,249

     

    Other current liabilities

    58,259

     

    93,074

     

    Long-term portion of deferred revenue

    52,479

     

    80,860

     

    Other long-term liabilities

    55,446

     

    62,319

     

    Shareholders' equity

    77,093

     

    89,570

     

     
    Total liabilities and shareholders' equity $

    296,803

     

    $

    355,072

     

     
     
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    Three Months Ended Nine Months Ended
    September 30, September 30,

    2021

    2020

    2021

    2020

     
    Revenues:
    Non-cash royalty revenue $

    6,533

     

    $

    18,087

     

    $

    38,768

     

    $

    45,159

     

    License and milestone fees

    2,677

     

    97

     

    3,086

     

    1,325

     

    Research and development support

    -

     

    5

     

    10

     

    17

     

     
    Total revenues

    9,210

     

    18,189

     

    41,864

     

    46,501

     

     
    Expenses:
    Research and development

    33,147

     

    24,685

     

    102,149

     

    75,014

     

    General and administrative

    10,297

     

    10,231

     

    30,234

     

    28,862

     

    Restructuring charge

    -

     

    -

     

    -

     

    1,524

     

     
    Total operating expenses

    43,444

     

    34,916

     

    132,383

     

    105,400

     

     
    Loss from operations

    (34,234

    )

    (16,727

    )

    (90,519

    )

    (58,899

    )

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

    (2,751

    )

    (5,645

    )

    (10,952

    )

    (17,428

    )

    Interest expense on convertible bonds

    -

     

    (24

    )

    (47

    )

    (71

    )

    Other (loss) income, net

    (354

    )

    22

     

    (613

    )

    638

     

     
    Net loss $

    (37,339

    )

    $

    (22,374

    )

    $

    (102,131

    )

    $

    (75,760

    )

     
    Basic and diluted net loss per common share $

    (0.18

    )

    $

    (0.13

    )

    $

    (0.51

    )

    $

    (0.44

    )

     
    Basic and diluted weighted average common shares outstanding

    204,844

     

    174,508

     

    201,212

     

    172,215

     

     

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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 the Company will host a conference call at 8:00 a.m. ET on Friday, October 29, 2021 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 1587202. 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, October 29, 2021 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 1587202. 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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