CAMBRIDGE, Mass., Feb 20, 2002 /PRNewswire-FirstCall via COMTEX/ -- ImmunoGen, Inc. (Nasdaq: IMGN) today announced that the Company and Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM) have signed an exclusive product license for use of ImmunoGen's proprietary maytansinoid Tumor-Activated Prodrug (TAP) technology with Millennium's MLN591 antibody. This triggers Millennium's payment of a product licensing fee to ImmunoGen. In March 2001, the companies announced the formation of a collaboration that provides Millennium with access to ImmunoGen's TAP technology and enables Millennium to obtain exclusive product licenses for a restricted number of specific antigen targets during the collaboration.
MLN591 is directed towards the extracellular domain of Prostate Specific Membrane Antigen (PSMA), which is expressed by virtually all prostate tumors. DM1 is a highly potent cytotoxic agent developed by ImmunoGen. ImmunoGen's TAP technology couples the Company's proprietary anti-cancer agents with tumor- targeting antibodies to achieve antibody-directed killing of cancer cells.
"This product license represents the next step in our collaboration in the development of a TAP product comprised of Millennium's MLN591 and our DM1," said Mitchel Sayare, Ph.D., Chairman and CEO. "We are delighted with Millennium's stated goal to initiate clinical trials with MLN591DM1 this year and we will be manufacturing product for Millennium for this purpose."
About ImmunoGen, Inc.
ImmunoGen, Inc. develops innovative biopharmaceuticals for the treatment of cancer. The Company's TAP technology couples highly potent cytotoxic agents with tumor-targeting antibodies to create effective new treatments for cancer with minimal damage to normal tissue. The Company has partnerships with GlaxoSmithKline, Genentech, British Biotech, Abgenix, Millennium, Boehringer Ingelheim, MorphoSys, Avalon Pharmaceuticals and Raven Biotechnologies. Two TAP products are currently in clinical trials, with additional products expected to start trials in 2002.
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 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 the government, private healthcare insurers and third-party payors; and the uncertainties as to the extent of future government regulation of the pharmaceutical business.
Contacts:
ImmunoGen, Inc.
Investors
Carol Hausner
Senior Director, Investor Relations and Corporate Communications
Tel: (617) 995-2500
info@immunogen.com
Media
Pete Holmberg
Rx Communications Group, LLC
Tel: (917) 501-7434
pholmberg@rxir.com
