ImmunoGen Completes Strategic Review to Strengthen the Organization and Drive Long-Term Growth
"I am grateful for the contributions that the employees affected by this
plan have made to ImmunoGen, and we will be supporting them through this
transition," stated
Through this plan, ImmunoGen will realize significant cost savings over
the next two years in headcount, program, and support activities. These
savings will include approximately
Based on its strong cash position and the savings generated from this
strategic review, ImmunoGen expects to achieve its previously-stated
goal of funding operations through the interim analysis of the
mirvetuximab soravtansine pivotal trial and into mid-2018. This cash
runway excludes any revenue generated from potential new product
partnering deals. As a result of the workforce reduction, ImmunoGen will
record a one-time charge totaling approximately
In addition, the Company has prioritized its portfolio and aligned its resources to deliver on key development milestones and drive innovation in oncology, including:
- Executing a speed-to-market strategy to obtain full marketing approval for lead program mirvetuximab soravtansine, which will enter Phase 3 development next quarter;
- Accelerating its earlier-stage portfolio of highly innovative IGN programs - IMGN779, IMGN632; and
- Maintaining critical scale in Research to support continued innovation in ADCs as well as existing and new partnerships.
As part of this effort and the prioritization of its IGN programs, ImmunoGen will seek to monetize its non-core B-cell assets - IMGN529 and coltuximab ravtansine - through partnering with interested parties.
Conference Call Information
ImmunoGen is holding a conference call
This press release includes forward-looking statements. 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. It should be noted that there are risks and
uncertainties related to the development of novel anticancer products,
including risks and uncertainties related to the execution of the
realignment of the Company's operations, including, without limitation,
unanticipated delays and costs in implementing the workforce reduction,
the Company's ability to identify potential licensees of its B-cell
assets and successfully negotiate such a transaction, as well as the
risks and uncertainties related to the advancement of the Company's
internal development programs, including clinical studies and regulatory
processes, their timings and results. A review of these risks can be
found in ImmunoGen's Annual Report on Form 10-K for the fiscal year
ended
About
ImmunoGen is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its proprietary ADC technology. ImmunoGen's lead product candidate, mirvetuximab soravtansine, is being advanced to a Phase 3 trial for FRα-positive platinum-resistant ovarian cancer, and is in Phase 1b/2 testing in combination regimens for earlier-stage disease. ImmunoGen's ADC technology is used in Roche's marketed product, Kadcyla®, in three other clinical-stage ImmunoGen product candidates, and in programs in development by partners Amgen, Bayer, Biotest, CytomX, Lilly, Novartis, Sanofi and Takeda. More information about the Company can be found at www.immunogen.com.
Kadcyla® is a registered trademark of
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