ImmunoGen, Inc. - IMGN STOCK NEWS

ImmunoGen, Inc. (NASDAQ: IMGN) announced that President and CEO Mark Enyedy will present at the 41st Annual J.P. Morgan Healthcare Conference in San Francisco, CA, on January 10, 2023, at 3:45 PM PT. Following the presentation, a Q&A session will take place at 4:05 PM PT. The live webcast will be available via the company’s website, with a replay accessible afterward. ImmunoGen aims to develop next-generation antibody-drug conjugates to enhance cancer treatment and improve patient outcomes as part of their initiative TARGET A BETTER NOW™.

ImmunoGen has presented initial safety and efficacy findings from a Phase 1b/2 study of pivekimab sunirine in combination with Vidaza and Venclexta for patients with relapsed/refractory and frontline acute myeloid leukemia (AML). Presented at the ASH Annual Meeting, results indicate a 45% overall response rate and a manageable safety profile, with no treatment-related deaths. The company plans to optimize therapy duration and gather additional data to support pivotal development in AML.

ImmunoGen (Nasdaq: IMGN) has announced a clinical collaboration with Gilead Sciences (Nasdaq: GILD) to investigate the safety and anti-leukemia activity of pivekimab sunirine combined with magrolimab in patients with relapsed CD123-positive acute myeloid leukemia (AML). This partnership aims to explore the complementary mechanisms of action of both drugs. The new cohort, part of ImmunoGen's ongoing 802 study, will evaluate up to 42 patients with a focus on the complete response rate. Pivekimab is being developed for various hematologic malignancies and has received critical designations from regulatory bodies.

ImmunoGen, Inc. (Nasdaq: IMGN) announced on November 30, 2022, that its compensation committee approved the granting of non-qualified stock options for 328,050 shares to ten new employees as part of the Inducement Equity Incentive Plan. Additionally, Daniel S. Char received options to purchase 400,000 shares, all at an exercise price of $5.19, equal to the stock's closing price on the grant date. The options vest over four years, incentivizing continued employment. This plan aims to attract new talent in the competitive field of antibody-drug conjugates.

ImmunoGen Inc. announced the FDA's accelerated approval of ELAHERE™ for treating adult patients with folate receptor alpha-positive, platinum-resistant ovarian cancer. This first-in-class antibody-drug conjugate (ADC) showed an objective response rate of 31.7% in the pivotal SORAYA trial. The approval covers patients with up to three prior treatment regimens and does not depend on prior Avastin use. A companion diagnostic, VENTANA FOLR1, has also received approval. This marks ImmunoGen's transition into a fully-integrated oncology company, with future confirmatory trials planned.

ImmunoGen, a leader in antibody-drug conjugates for cancer treatment, has completed launch preparations for mirvetuximab ahead of its PDUFA date on November 28, 2022. The quarter ending September 30, 2022, reported revenues of $15.4 million, up from $9.2 million the previous year, driven by licensing fees and royalty revenue. Operating expenses surged to $92.8 million, leading to a net loss of $77.8 million. The company expects 2022 revenues between $80-90 million and operating expenses of $320-330 million, with sufficient cash to fund operations into 2024.

ImmunoGen, Inc. (NASDAQ: IMGN) announced the grant of 687,700 non-qualified stock options to 17 new employees on October 31, 2022, under its Inducement Equity Incentive Plan. The options, priced at $5.94 per share, equal to the closing stock price on that date, will vest over four years. This strategic move aligns with Nasdaq Listing Rule 5635(c)(4), aimed at attracting talent to enhance ImmunoGen's focus on developing advanced antibody-drug conjugates for cancer treatment.

ImmunoGen, Inc. announced the departure of Kristen Harrington-Smith, the Chief Commercial Officer, for personal reasons, unrelated to the company's business performance. She will assist in the transition until November 16, 2022. Todd Talarico will serve as interim CCO. The company is preparing for the expected accelerated approval of mirvetuximab soravtansine, with confidence in its launch by the November 28, 2022 PDUFA date. ImmunoGen emphasizes its readiness, with a fully staffed commercial team and commercial-ready drug product inventory.