April 20, 2000
ImmunoGen, Inc. Reports Third Quarter Financial Results

NORWOOD, Mass., April 20 /PRNewswire/ -- ImmunoGen, Inc. (Nasdaq: IMGN) today announced financial results for the third quarter ended March 31, 2000. For the three-month period ended March 31, 2000, the Company reported a net loss to common stockholders of $2.8 million, or $0.09 per share, compared to a net loss to common stockholders of $665,000, or $0.03 per share, in the same quarter last year. For the nine-month period ended March 31, 2000, the Company reported a net loss to common stockholders of $949,000, or $0.03 per share, compared to a net loss of $4.7 million, or $0.19 per share, for the same period last year. The variances in net losses between the corresponding three-month and nine-month periods were due largely to the timing of milestone payments received in connection with the Company's collaboration with SmithKline Beecham plc 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.

Despite these losses, for both the three-month and nine-month periods in the current fiscal year, the Company was cash-flow positive. In the quarter ended March 31, 2000, approximately $3.6 million was received on exercise of stock warrants and options, bringing the total of stock warrant and option exercises for the nine months ended March 31, 2000 to approximately $4.6 million.

"We continue to be very pleased by the progress made in our Phase I human clinical trial of huC242-DM1/SB-408075. Beyond that, our cash and marketable securities totaled more than $13.3 million on March 31. These substantial resources permit us to move huN901-DM1, our small-cell lung cancer product candidate, steadily toward IND filing this year. It also gives us the staying power we need to aggressively negotiate arrangements with other companies for the use of our technology with their monoclonal antibodies," stated Mitchel Sayare, Ph.D., Chairman and CEO of ImmunoGen, Inc. "After many years of hard work, we believe we are on the threshold of realizing the value of ImmunoGen's technology."

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; uncertainty as to whether the Company's potential products will succeed in 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.



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