Full Mirvetuximab Soravtansine Phase 3 FORWARD I and Initial Phase 1b FORWARD II Triplet Data Presented at
Phase 3 MIRASOL Trial for Mirvetuximab in Ovarian Cancer on Track to Start by Year-End
Updated IMGN632 AML and BPDCN Monotherapy Data Accepted as Oral Presentation at ASH
Conference Call to be Held at
“The FORWARD I analyses presented at
Enyedy added, “IMGN632 continues to make encouraging progress in the clinic, with the initiation of combination studies in relapsed/refractory AML patients and monotherapy expansion into relapsed ALL and MRD+ AML patients following frontline induction therapy. We exit the year with significant momentum across our portfolio with an oral presentation for IMGN632 at ASH, ongoing studies for mirvetuximab combination regimens, advances in our early-stage pipeline, and a strong financial position to execute against our strategic priorities.”
RECENT
ANTICIPATED UPCOMING EVENTS
FINANCIAL RESULTS
Revenues for the quarter ended
Operating expenses for the third quarter of 2019 were
ImmunoGen reported a net loss of
ImmunoGen had
FINANCIAL GUIDANCE
ImmunoGen has updated its financial guidance for 2019 as follows:
Revenue guidance has been updated to reflect recognition of deferred revenue under our
CONFERENCE CALL INFORMATION
ImmunoGen will hold a conference call today at
ABOUT IMMUNOGEN
ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to “target a better now.”
Learn more about who we are, what we do, and how we do it at www.immunogen.com.
Avastin®, Vidaza®, Venclexta®, and Kadcyla® are registered trademarks of their respective owners.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements based on management's current expectations. These statements include, but are not limited to, ImmunoGen’s expectations related to: the Company’s revenues and operating expenses for the twelve months ending
IMMUNOGEN, INC. | |||||||||||||||||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
|
2019 |
|
|
2018 |
|
||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents |
$ |
|
204,491 |
|
$ |
|
262,252 |
|
|||||||||||||||||
Other assets |
49,645 |
|
33,129 |
|
|||||||||||||||||||||
Total assets |
$ |
|
254,136 |
|
$ |
|
295,381 |
|
|||||||||||||||||
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY | |||||||||||||||||||||||||
Current portion of deferred revenue |
$ |
|
14,817 |
|
$ |
|
317 |
|
|||||||||||||||||
Other current liabilities |
73,357 |
|
70,343 |
|
|||||||||||||||||||||
Long-term portion of deferred revenue |
131,035 |
|
80,485 |
|
|||||||||||||||||||||
Other long-term liabilities |
121,152 |
|
133,264 |
|
|||||||||||||||||||||
Shareholders' (deficit) equity |
(86,225 |
) |
10,972 |
|
|||||||||||||||||||||
Total liabilities and shareholders' (deficit) equity |
$ |
|
254,136 |
|
$ |
|
295,381 |
|
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Non-cash royalty revenue |
$ |
|
13,202 |
|
$ |
|
8,441 |
|
$ |
|
32,102 |
|
$ |
|
22,873 |
|
|||||||||
License and milestone fees |
79 |
|
672 |
|
5,237 |
|
13,533 |
|
|||||||||||||||||
Research and development support |
- |
|
388 |
|
68 |
|
1,159 |
|
|||||||||||||||||
Clinical materials revenue |
- |
|
1,427 |
|
- |
|
2,465 |
|
|||||||||||||||||
Total revenues |
13,281 |
|
10,928 |
|
37,407 |
|
40,030 |
|
|||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Research and development |
21,015 |
|
47,243 |
|
88,467 |
|
130,775 |
|
|||||||||||||||||
General and administrative |
9,208 |
|
8,347 |
|
28,686 |
|
26,994 |
|
|||||||||||||||||
Restructuring charge |
1,020 |
|
870 |
|
20,921 |
|
3,287 |
|
|||||||||||||||||
Total operating expenses |
31,243 |
|
56,460 |
|
138,074 |
|
161,056 |
|
|||||||||||||||||
Loss from operations |
(17,962 |
) |
(45,532 |
) |
(100,667 |
) |
(121,026 |
) |
|||||||||||||||||
Non-cash interest expense on liability related to sale of future royalty & convertible bonds |
(4,275 |
) |
(2,546 |
) |
(11,525 |
) |
(8,203 |
) |
|||||||||||||||||
Interest expense on convertible bonds |
(24 |
) |
(23 |
) |
(71 |
) |
(70 |
) |
|||||||||||||||||
Other income (loss), net |
511 |
|
1,294 |
|
3,316 |
|
2,255 |
|
|||||||||||||||||
Net loss |
$ |
|
(21,750 |
) |
$ |
|
(46,807 |
) |
$ |
|
(108,947 |
) |
$ |
|
(127,044 |
) |
|||||||||
Basic and diluted net loss per common share |
$ |
|
(0.15 |
) |
$ |
|
(0.32 |
) |
$ |
|
(0.74 |
) |
$ |
|
(0.92 |
) |
|||||||||
Basic and diluted weighted average common shares outstanding |
148,479 |
|
147,220 |
|
148,143 |
|
137,472 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191101005080/en/
Source:
INVESTOR RELATIONS AND MEDIA CONTACTS
ImmunoGen
Courtney O’Konek
781-895-0600
courtney.okonek@immunogen.com
OR
FTI Consulting
Robert Stanislaro
212-850-5657
robert.stanislaro@fticonsulting.com
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