News

November 24, 2003
ImmunoGen, Inc. Announces Change in Chief Financial Officer Position

Gregg Beloff Departs for a New Opportunity; Virginia Lavery Named Interim CFO

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 24, 2003-- ImmunoGen, Inc. (Nasdaq: IMGN) today announced the appointment of the Company's Vice President, Senior Controller and Treasurer Virginia Lavery to the position of Interim Chief Financial Officer.

Ms. Lavery replaces Gregg Beloff, who has resigned the position of Vice President, Finance and Chief Financial Officer effective November 28, 2003 to assume a position with a private company.

Ms. Lavery has extensive experience in finance and administration. She has previous experience as an interim CFO gained at another company and a strong background in public accounting. Ms. Lavery was Senior Controller and Treasurer at ImmunoGen prior to her promotion to Vice President earlier this year. She joined the Company in 2000.

Mitchel Sayare, Ph.D., Chief Executive Officer, said, "We are very pleased to have Ginger ready and able to assume the responsibilities of Interim CFO while a search for a permanent CFO is conducted among internal and external candidates. Ginger has been a member of our senior management team since she joined ImmunoGen and is intimately familiar with our business as well as with our financial systems. I look forward to working with her in this expanded role."

Dr. Sayare continued, "We wish to thank Gregg for his substantial contribution to ImmunoGen. Gregg joined ImmunoGen in 2001 and helped the Company put systems in place that enabled us to expand our business opportunities. We wish him well in his future endeavors."

About ImmunoGen, Inc.

ImmunoGen, Inc. develops targeted anticancer biopharmaceuticals. The Company's proprietary TAP technology uses tumor-targeting antibodies to deliver a potent cell-killing agent specifically to cancer cells. Two ImmunoGen-developed TAP products have begun clinical evaluation: cantuzumab mertansine and huN901-DM1 (BB-10901). ImmunoGen out-licenses its TAP technology in exchange for upfront, milestone, and manufacturing payments plus royalties. Companies developing products using ImmunoGen's TAP technology include Boehringer Ingelheim (bivatuzumab mertansine), Millennium Pharmaceuticals (MLN2704), and Genentech (Trastuzumab-DM1); ImmunoGen also has multitarget agreements with Genentech, Abgenix, and Millennium. In July 2003, ImmunoGen and Aventis announced a collaboration to discover, develop, and commercialize antibody-based anticancer therapeutics. The agreement provides ImmunoGen with committed funding and also includes milestone payments, royalties, and co-promotion rights.

CONTACT: Investors:
ImmunoGen, Inc.
Carol Hausner, 617-995-2500
info@immunogen.com
or
Media:
Rx Communications Group, LLC
Pete Holmberg, 917-322-2164
pholmberg@rxir.com

SOURCE: ImmunoGen, Inc.

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