ImmunoGen, Inc. Reports Second Quarter Results
NORWOOD, Mass., Jan. 19 /PRNewswire/ -- ImmunoGen, Inc. (Nasdaq: IMGN) today announced financial results for the second quarter ended December 31, 1999. For the three-month period ended December 31, 1999, the Company reported net earnings to common stockholders of $105,000, or less than $0.01 per diluted share, compared to a net loss to common stockholders of ($1,637,000), or ($0.06) per basic and diluted share, in the same quarter last year. For the six-month period ended December 31, 1999, the Company reported net earnings to common stockholders of $1,855,000, or $0.06 per diluted share, compared to a net loss of ($4,096,000), or ($0.16) per basic and diluted share, for the same period last year. The profits in both the three and six- month periods ended December 31, 1999 were driven largely by milestone payments in connection with the Company's collaboration with SmithKline Beecham plc (SB) to develop and commercialize huC242-DM1/SB-408075, the Company's Tumor Activated Prodrug for the treatment of colorectal, pancreatic and non small-cell lung cancers.
"Our second quarter results reflect a $2.5 million milestone payment received from SB on initiation of our Phase I clinical study of huC242-DM1/SB- 408075. In less than one year since execution of our agreement with SB, we have achieved four milestones and received a total of $12.0 million," stated Mitchel Sayare, Ph.D., Chairman and CEO of ImmunoGen, Inc. "We began clinical trials of huC242-DM1/SB-408075 this quarter, while we continue to aggressively pursue partners to develop other product candidates."
ImmunoGen, Inc. develops innovative biopharmaceuticals, primarily for cancer treatment. The Company has created potent tumor-activated prodrugs, consisting of drugs coupled to monoclonal antibodies, for delivery to and destruction of cancer cells.
This press release includes forward-looking statements based on management's current expectations. Factors that could cause future results to differ materially from such expectations include, but are not limited to: the ability to secure future funding; the success of the Company's research strategy; the applicability of the discoveries made therein; the difficulties inherent in the development of pharmaceuticals, including uncertainties as to the timing and results of preclinical studies; delayed achievements of milestones; reliance on collaborators; uncertainty as to whether the Company's potential products will succeed in entering human clinical trials and uncertainty as to the results of such trials; uncertainty as to whether adequate reimbursement for these products will exist from government, private healthcare insurers and third-party payors; and the uncertainties as to the extent of future government regulation of the pharmaceutical business.
