ImmunoGen, Inc. Provides Corporate and Clinical Update at 2nd Annual BIO CEO & Investor Conference
NEW YORK, Feb. 16 /PRNewswire/ -- Presenting at the Biotechnology Industry Organization (BIO) CEO & Investor Conference today, Mitchel Sayare, Ph.D., Chairman and CEO of ImmunoGen, Inc. (Nasdaq: IMGN), provided an update on the Company's clinical trial, development programs and business strategy. During the presentation, Dr. Sayare reviewed the status of the clinical trial for ImmunoGen's lead product, huC242-DM1/SB-408075. "Over the past year, we have made significant progress by advancing our clinical program for huC242-DM1/SB-408075 and earning $12 million in upfront and milestone payments through our collaboration with SmithKline Beecham," stated Dr. Sayare. "Building on the success of our initial product, we are now broadening the reach of our TAP technology and exploring opportunities to combine the potent anti-cancer agent DM1 with other antibodies."
Commenting on ImmunoGen's second product in development, huN901-DM1, Dr. Sayare mentioned recently presented positive preclinical data: "HuN901- DM1 exhibited exceptional anti-tumor activity in mice as well as minimal toxicity in monkeys. HuN901-DM1, along with our other products based on our powerful TAP technology, have the potential to offer important treatment options for patients suffering from certain types of cancer, for whom there are few therapies available." During his presentation, Dr. Sayare also updated investors on the status of Apoptosis Technology, Inc., ImmunoGen's majority- owned subsidiary.
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.
