CAMBRIDGE, Mass., Feb. 1 /PRNewswire/ -- ImmunoGen, Inc. (Nasdaq: IMGN) announced today that it has learned from public sources that the Securities and Exchange Commission has brought a lawsuit against a former Datek Securities broker and four other persons unrelated to the Company alleging fraud and other illegal activities in connection with purchases and sales of the Company's stock in 1995. (SEC V. Ari Parnes et al., 01 Civ.0763, LLS, SDNY)
Commenting on this development, Mitchel Sayare, Ph.D., Chairman and Chief Executive Officer of the Company, noted that ImmunoGen has not been charged with any wrongdoing and has cooperated fully with the SEC in connection with an earlier investigation relating to this matter. "I am pleased that the SEC is pursuing this matter. Acts such as those alleged in the lawsuit cause great harm to public companies and their law-abiding shareholders." Dr. Sayare continued, "No employees, officers or directors of the Company were the subjects or targets of the SEC's investigation, and the SEC specifically stated in its announcement of the lawsuit that no wrongdoing on the part of the Company has been asserted. If the defendants are found to be liable for this alleged fraud, it is my hope that stringent penalties will be imposed as a deterrent to such actions by others, which damage not only individual companies and their shareholders but also the integrity of our securities markets as a whole."
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. Its lead product, huC242-DM1/SB-408075 is in two Phase I/II clinical trials for colorectal, pancreatic and certain non-small- cell lung cancers. An Investigational New Drug (IND) application for the Company's second product, huN901-DM1/BB-10901, has been filed with the U.S. Food and Drug Administration and must be accepted before clinical evaluation in humans can begin. The Company has collaborative arrangements with GlaxoSmithKline, Genentech, British Biotech, Abgenix, MorphoSys and Avalon.
Contact:
Mitchel Sayare, Ph.D.
Chairman and CEO
ImmunoGen, Inc.
(617) 995-2500
http://www.immunogen.com
SOURCE ImmunoGen, Inc.
Web Site: http://www.immunogen.com
