ImmunoGen Appoints Tracey L. McCain, Esq. to Its Board of Directors

Rhea-AI Summary

ImmunoGen Inc. (NASDAQ: IMGN) announced the appointment of Tracey L. McCain, Esq. to its Board of Directors. McCain, who has over 20 years in the biopharmaceutical sector, is expected to enhance the company’s governance and compliance measures. ImmunoGen is on the brink of pivotal developments, particularly regarding the SORAYA trial for mirvetuximab soravtansine in ovarian cancer, anticipated to provide top-line data this quarter. McCain's expertise is seen as crucial as the company prepares for potential commercialization and advances its drug pipeline.

Positive

• Tracey McCain’s extensive experience in legal and management roles in biopharmaceuticals may provide valuable insights to the Board.
• McCain's appointment comes at a critical time as the company anticipates important clinical data for mirvetuximab soravtansine, which could positively impact stock performance.
• Potential for strengthened governance and compliance under McCain's guidance, attracting investor confidence.

Negative

• Concerns about continuity and experience gaps may arise with the introduction of a new board member.
• Possible over-reliance on upcoming clinical trial data could lead to volatility in stock performance if results do not meet expectations.

WALTHAM, Mass.--(BUSINESS WIRE)-- ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced the appointment of Tracey L. McCain, Esq. to its Board of Directors.

“We are thrilled to have Tracey join ImmunoGen’s Board of Directors at this critical juncture for the Company,” said Stephen McCluski, ImmunoGen’s Chairman of the Board of Directors. “As ImmunoGen awaits top-line data from the pivotal SORAYA trial for mirvetuximab soravtansine in ovarian cancer this quarter, continues to advance its pipeline, and prepares for potential commercialization next year, Tracey’s impressive legal background supporting a variety of corporate initiatives will be instrumental to the Board and management team in ensuring the Company continues to have best-in-class governance and compliance measures in place.”

Ms. McCain has more than 20 years of legal, management, and transactional experience in the biopharmaceutical industry and currently serves as the Executive Vice President and Chief Legal and Compliance Officer at Blueprint Medicines Corporation. Prior to joining Blueprint, she served as Senior Vice President and Head of Legal for Sanofi Genzyme, was a member of the executive leadership team, and a member of the leadership team for Sanofi’s global legal department. Prior to that, Ms. McCain served as Genzyme’s general counsel after it was acquired by Sanofi in 2011. In her capacity as Genzyme’s general counsel, Ms. McCain was responsible for all aspects of its legal department in the U.S. and throughout Europe, including general corporate, commercial and intellectual property matters, and support of business development initiatives. Prior to Genzyme’s acquisition, Ms. McCain was also responsible for managing the securities and employment law teams and support of non-patent litigation. Before Genzyme, Ms. McCain was an associate at the law firm Palmer & Dodge LLP. She received her B.A. from the University of Pennsylvania and her J.D. from Columbia University School of Law.

Ms. McCain stated, “I’m excited to join ImmunoGen’s Board during this pivotal time, as the Company approaches an important clinical readout, while simultaneously progressing the rest of its pipeline of novel ADCs. I look forward to offering my expertise and working with ImmunoGen’s leadership as the Company looks to transition into a fully integrated oncology company next year.”

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.

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 occurrence, timing, and outcome of potential preclinical, clinical, and regulatory events related to the Company’s product candidates, in particular with respect to mirvetuximab soravtansine and IMGN632, and the launch of those product candidates next year; and the presentation of preclinical and clinical data on the Company’s product candidates, including with respect to mirvetuximab soravtansine and IMGN632. For these statements, ImmunoGen claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Various factors could cause ImmunoGen’s actual results to differ materially from those discussed or implied in the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this release. Factors that could cause future results to differ materially from such expectations include, but are not limited to: the timing and outcome of the Company’s preclinical and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense, and results of preclinical studies, clinical trials, and regulatory processes; the Company’s ability to financially support its product programs; risks and uncertainties associated with the scale and duration of the COVID-19 pandemic and the resulting impact on ImmunoGen’s industry and business; and other factors as set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2021, and other reports filed with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005358/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: ImmunoGen Inc.

FAQ

Who is Tracey L. McCain, and what role has she taken at ImmunoGen?

Tracey L. McCain has been appointed to the Board of Directors of ImmunoGen, bringing over 20 years of experience in the biopharmaceutical industry.

What is the significance of the SORAYA trial for ImmunoGen?

The SORAYA trial for mirvetuximab soravtansine is pivotal for ImmunoGen, with expected top-line data this quarter potentially impacting the company's future.

What impact might Tracey McCain's appointment have on ImmunoGen's governance?

McCain's legal expertise is expected to enhance best-in-class governance and compliance measures at ImmunoGen.

What is the current status of ImmunoGen’s product pipeline?

ImmunoGen is advancing its pipeline of antibody-drug conjugates and preparing for potential commercialization next year.