Pivotal SORAYA Trial Initiated for Mirvetuximab Soravtansine in Platinum-Resistant Ovarian Cancer
Data from FORWARD II Avastin® Expansion Cohort in Platinum-Agnostic Ovarian Cancer Selected for Oral Presentation at ASCO
Pre-Clinical Data on Next Generation Anti-FRα ADC to be Presented at AACR
Operational Plans Remain on Track amid COVID-19 Pandemic
Conference Call to be Held at
“During the last quarter, we moved forward with our registration studies for mirvetuximab and advanced our portfolio of earlier-stage candidates, while adapting to meet the evolving challenges of the COVID-19 pandemic,” said
Enyedy added, “Having generated approximately
RECENT PROGRESS
ANTICIPATED UPCOMING EVENTS
FINANCIAL RESULTS
Revenues for the quarter ended
Operating expenses for the first quarter of 2020 were
Net loss for the first quarter of 2020 was
In
ImmunoGen had
FINANCIAL GUIDANCE
ImmunoGen’s financial guidance for 2020 remains unchanged:
ImmunoGen expects that its current cash and anticipated cash receipts from partners will fund operations into the second half of 2022.
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: ImmunoGen’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) | |||||||||||||||||||||
|
2020 |
|
|
2019 |
|
||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents |
$ |
|
247,299 |
|
$ |
|
176,225 |
|
|||||||||||||
Other assets |
51,510 |
|
59,037 |
|
|||||||||||||||||
Total assets |
$ |
|
298,809 |
|
$ |
|
235,262 |
|
|||||||||||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | |||||||||||||||||||||
Current portion of deferred revenue |
$ |
|
123 |
|
$ |
|
309 |
|
|||||||||||||
Other current liabilities |
85,383 |
|
77,101 |
|
|||||||||||||||||
Long-term portion of deferred revenue |
127,387 |
|
127,123 |
|
|||||||||||||||||
Other long-term liabilities |
90,019 |
|
106,850 |
|
|||||||||||||||||
Shareholders' deficit |
(4,103 |
) |
(76,121 |
) |
|||||||||||||||||
Total liabilities and shareholders' deficit |
$ |
|
298,809 |
|
$ |
|
235,262 |
|
|||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2020 |
|
2019 |
|
||||||||||||||||||
Revenues: | |||||||||||||||||||||
Non-cash royalty revenue |
12,997 |
|
8,488 |
|
|||||||||||||||||
License and milestone fees |
$ |
|
283 |
|
$ |
|
79 |
|
|||||||||||||
Research and development support |
7 |
|
17 |
|
|||||||||||||||||
Total revenues |
13,287 |
|
8,584 |
|
|||||||||||||||||
Expenses: | |||||||||||||||||||||
Research and development |
27,408 |
|
38,893 |
|
|||||||||||||||||
General and administrative |
8,864 |
|
10,778 |
|
|||||||||||||||||
Restructuring charge |
825 |
|
559 |
|
|||||||||||||||||
Total operating expenses |
37,097 |
|
50,230 |
|
|||||||||||||||||
Loss from operations |
(23,810 |
) |
(41,646 |
) |
|||||||||||||||||
Non-cash interest expense on liability related to sale of future royalty & convertible bonds |
(5,702 |
) |
(3,432 |
) |
|||||||||||||||||
Interest expense on convertible bonds |
(24 |
) |
(24 |
) |
|||||||||||||||||
Other income, net |
448 |
|
1,351 |
|
|||||||||||||||||
Net loss |
$ |
|
(29,088 |
) |
$ |
|
(43,751 |
) |
|||||||||||||
Basic and diluted net loss per common share |
$ |
|
(0.17 |
) |
$ |
|
(0.30 |
) |
|||||||||||||
Basic and diluted weighted average common shares outstanding |
166,947 |
|
147,813 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200501005053/en/
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
Source:
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