Top-line Data from Pivotal SORAYA Trial on Track for Q4 Release<\/i><\/p>\n
Continued Progress in Ongoing MIRASOL, IMGN632, and IMGC936 Studies <\/i><\/p>\n
Conference Call to be Held at 8:00 a.m. ET Today <\/i><\/p>\n
WALTHAM, Mass.–(BUSINESS WIRE<\/a>)–ImmunoGen Inc.<\/a> (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, 2021.\n<\/p>\n \n“With top-line data from our pivotal SORAYA trial on track for release in Q4, we have accelerated preparations for the BLA submission and commercial launch of mirvetuximab. In parallel, we continue to generate data that support mirvetuximab as the combination agent of choice for ovarian cancer patients,” said Mark Enyedy, ImmunoGen’s President and Chief Executive Officer. “At ASCO, we presented final data from our mirvetuximab plus Avastin\u00ae<\/sup> doublet, showing compelling and durable anti-tumor activity, with a 64% ORR, 11.8 month mDOR, and 10.6 month mPFS in patients with high FR\u03b1 recurrent ovarian cancer, regardless of platinum status. We believe these data are highly encouraging, particularly given outcomes with available therapies in this setting. As we continue to accrue our confirmatory MIRASOL trial, we are working to establish mirvetuximab as the new standard of care in patients with high FR\u03b1 ovarian cancer, who comprise roughly 40% of the market. To this end, this quarter we are initiating PICCOLO, a single-arm study of mirvetuximab monotherapy in recurrent platinum-sensitive ovarian cancer to support label expansion.”\n<\/p>\n \nEnyedy added, “Beyond mirvetuximab, our IMGN632, IMGC936, and IMGN151 programs are progressing as anticipated. Patient accrual continues in our IMGN632 trials in BPDCN and AML, with data from our AML cohort expected at ASH next quarter. Our dose-escalation study of IMGC936 is enrolling in multiple solid tumor types and we are on track to file the IND for IMGN151 by year-end. With a focus on execution towards key inflection points, we look forward to transforming ImmunoGen into a fully integrated oncology company with the potential for two innovative ADCs on the market in 2022.”\n<\/p>\n RECENT PROGRESS<\/b><\/p>\n ANTICIPATED UPCOMING EVENTS<\/b><\/p>\n FINANCIAL RESULTS<\/b><\/p>\n \nRevenues for the quarter ended June 30, 2021 were $16.9 million, compared with $15.0 million for the quarter ended June 30, 2020, which consisted primarily of non-cash royalty revenues.\n<\/p>\n \nOperating expenses for the second quarter of 2021 were $44.3 million, compared with $33.4 million for the same quarter in 2020. The increase was largely driven by research and development expenses, which were $34.6 million for the second quarter of 2021, compared with $22.9 million for the second quarter of 2020. This increase was due to greater clinical trial expenses driven by costs related to the MIRASOL, SORAYA, and IMGC936 studies, greater personnel and temporary staffing costs, and higher external manufacturing costs and third-party service fees in support of commercial readiness. General and administrative expenses for the second quarter of 2021 were $9.7 million, compared to $9.8 million for the second quarter of 2020.\n<\/p>\n \nNet loss for the second quarter of 2021 was $30.7 million, or $0.15 per basic and diluted share, compared to a net loss of $24.3 million, or $0.14 per basic and diluted share, for the second quarter of 2020. Weighted average shares outstanding increased to 199.9 million for the 2021 period from 174.4 million in the prior year.\n<\/p>\n \nImmunoGen had $239.5 million in cash and cash equivalents as of June 30, 2021, compared with $293.9 million as of December 31, 2020, and had $1.1 million of convertible debt outstanding as of June 30, 2021, compared with $2.1 million as of December 31, 2020. Cash used in operations was $88.5 million for the first six months of 2021, compared with cash used in operations of $56.5 million for the same period in 2020. Capital expenditures were $(0.9) million for the first six months of 2021, compared with net proceeds from the sale of equipment of $1.4 million for the first six months of 2020.\n<\/p>\n FINANCIAL GUIDANCE<\/b><\/p>\n \nImmunoGen’s financial guidance for 2021 remains unchanged:\n<\/p>\n \nImmunoGen expects that its current cash will fund operations into the second half of 2022.\n<\/p>\n CONFERENCE CALL INFORMATION <\/b><\/p>\n \nImmunoGen 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 1789134. The call may also be accessed through the Investors and Media section of the Company’s website, www.immunogen.com<\/a>. Following the call, a replay will be available at the same location.\n<\/p>\n ABOUT IMMUNOGEN<\/b><\/p>\n \nImmunoGen 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\u2122.\n<\/p>\n \nLearn more about who we are, what we do, and how we do it at www.immunogen.com<\/a>.\n<\/p>\n Avastin\u00ae<\/sup>, Vidaza\u00ae<\/sup>, and Venclexta\u00ae<\/sup> are registered trademarks of their respective owners.<\/i><\/p>\n FORWARD-LOOKING STATEMENTS<\/b><\/p>\n 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 the twelve months ending December 31, 2021; its cash and cash equivalents as of December 31, 2021; how long its current cash will fund operations, the occurrence, timing, and outcome of potential preclinical, clinical, and regulatory events related to the Company’s product candidates; and the presentation of preclinical 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 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.<\/i><\/p>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n239,538\n<\/p>\n<\/td>\n \n293,856\n<\/p>\n<\/td>\n \n61,908\n<\/p>\n<\/td>\n \n61,216\n<\/p>\n<\/td>\n \n301,446\n<\/p>\n<\/td>\n \n355,072\n<\/p>\n<\/td>\n \n53,792\n<\/p>\n<\/td>\n \n29,249\n<\/p>\n<\/td>\n \n66,527\n<\/p>\n<\/td>\n \n93,074\n<\/p>\n<\/td>\n \n55,480\n<\/p>\n<\/td>\n \n80,860\n<\/p>\n<\/td>\n \n57,182\n<\/p>\n<\/td>\n \n62,319\n<\/p>\n<\/td>\n \n68,465\n<\/p>\n<\/td>\n \n89,570\n<\/p>\n<\/td>\n \n301,446\n<\/p>\n<\/td>\n \n355,072\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n16,690\n<\/p>\n<\/td>\n \n14,075\n<\/p>\n<\/td>\n \n32,235\n<\/p>\n<\/td>\n \n27,072\n<\/p>\n<\/td>\n \n252\n<\/p>\n<\/td>\n \n945\n<\/p>\n<\/td>\n \n409\n<\/p>\n<\/td>\n \n1,228\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n \n10\n<\/p>\n<\/td>\n \n12\n<\/p>\n<\/td>\n \n16,948\n<\/p>\n<\/td>\n \n15,025\n<\/p>\n<\/td>\n \n32,654\n<\/p>\n<\/td>\n \n28,312\n<\/p>\n<\/td>\n \n34,589\n<\/p>\n<\/td>\n \n22,921\n<\/p>\n<\/td>\n \n69,002\n<\/p>\n<\/td>\n \n50,329\n<\/p>\n<\/td>\n \n9,728\n<\/p>\n<\/td>\n \n9,767\n<\/p>\n<\/td>\n \n19,937\n<\/p>\n<\/td>\n \n18,631\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n699\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n1,524\n<\/p>\n<\/td>\n \n44,317\n<\/p>\n<\/td>\n \n33,387\n<\/p>\n<\/td>\n \n88,939\n<\/p>\n<\/td>\n \n70,484\n<\/p>\n<\/td>\n \n(27,369)\n<\/p>\n<\/td>\n \n(18,362)\n<\/p>\n<\/td>\n \n(56,285)\n<\/p>\n<\/td>\n \n(42,172)\n<\/p>\n<\/td>\n \n(3,557)\n<\/p>\n<\/td>\n \n(6,081)\n<\/p>\n<\/td>\n \n(8,201)\n<\/p>\n<\/td>\n \n(11,783)\n<\/p>\n<\/td>\n \n(23)\n<\/p>\n<\/td>\n \n(23)\n<\/p>\n<\/td>\n \n(47)\n<\/p>\n<\/td>\n \n(47)\n<\/p>\n<\/td>\n \n208\n<\/p>\n<\/td>\n \n168\n<\/p>\n<\/td>\n \n(259)\n<\/p>\n<\/td>\n \n616\n<\/p>\n<\/td>\n \n(30,741)\n<\/p>\n<\/td>\n \n(24,298)\n<\/p>\n<\/td>\n \n(64,792)\n<\/p>\n<\/td>\n \n(53,386)\n<\/p>\n<\/td>\n (0.15)<\/b><\/p>\n<\/td>\n (0.14)<\/b><\/p>\n<\/td>\n (0.32)<\/b><\/p>\n<\/td>\n (0.31)<\/b><\/p>\n<\/td>\n 199,890<\/b><\/p>\n<\/td>\n 174,354<\/b><\/p>\n<\/td>\n 199,365<\/b><\/p>\n<\/td>\n 171,055<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210730005064\/en\/<\/a><\/span><\/p>\n INVESTOR RELATIONS AND MEDIA CONTACTS OR<\/p>\n FTI Consulting KEYWORDS:<\/b> United States North America Massachusetts<\/p>\n INDUSTRY KEYWORDS:<\/b> Science Biotechnology Research Pharmaceutical Oncology General Health Health Clinical Trials<\/p>\n\n
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\n IMMUNOGEN, INC.<\/b><\/td>\n <\/tr>\n \n SELECTED FINANCIAL INFORMATION<\/b><\/td>\n <\/tr>\n \n (in thousands, except per share amounts)<\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n <\/tr>\n \n (Unaudited)<\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n June 30,<\/b><\/td>\n \n December 31,<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n ASSETS<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Cash and cash equivalents<\/td>\n \n $<\/td>\n \n \n $<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Total assets<\/td>\n \n \n $<\/td>\n \n \n $<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Current portion of deferred revenue<\/td>\n \n $<\/td>\n \n \n $<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n Other current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Long-term portion of deferred revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Other long-term liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Shareholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Total liabilities and shareholders’ equity<\/td>\n $<\/td>\n \n \n $<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n (Unaudited)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n Three Months Ended<\/b><\/td>\n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n June 30,<\/b><\/td>\n June 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenues:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Non-cash royalty revenue<\/td>\n \n $<\/td>\n \n \n $<\/td>\n \n \n $<\/td>\n \n \n $<\/td>\n \n <\/tr>\n \n \n License and milestone fees<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Research and development support<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Total revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Expenses:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Restructuring charge<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Loss from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Non-cash interest expense on liability related to sale of future royalty & convertible bonds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Interest expense on convertible bonds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n Other income (loss), net<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net loss<\/td>\n \n \n \n \n $<\/td>\n \n \n $<\/td>\n \n \n $<\/td>\n \n \n $<\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic and diluted net loss per common share<\/b><\/td>\n \n $<\/b><\/td>\n \n \n $<\/b><\/td>\n \n \n $<\/b><\/td>\n \n \n $<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic and diluted weighted average common shares outstanding<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n <\/p>\n
\n<\/b>
ImmunoGen
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Courtney O’Konek
\n
781-895-0600
\n
courtney.okonek@immunogen.com
\n<\/a><\/p>\n
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Robert Stanislaro
\n
212-850-5657
\n
robert.stanislaro@fticonsulting.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210730005064\/en\/895193\/3\/imgnlogo.jpg\")
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