ImmunoGen, Inc. (Nasdaq: IMGN), a biopharmaceutical company that
develops targeted anticancer therapeutics, today announced that the
Company has elected to discontinue further internal development of its
IMGN242 gastric cancer compound and to move this product candidate into
its out-licensing portfolio. IMGN242 has shown encouraging safety and
preliminary indications of activity in early clinical testing, but has
shifted below other, higher priority programs at ImmunoGen due to its
slow pace of progress.
“We believe the best course of action is for IMGN242 to be advanced by a
company with the appropriate profile for successfully developing a
therapeutic for gastric cancer and for us to focus on the many other
opportunities in our pipeline,” commented Daniel Junius, President and
Chief Executive Officer.
IMGN242 has demonstrated pronounced activity against gastric, or
stomach, cancer in preclinical studies. Its clinical evaluation for this
indication has progressed slowly, however, due to the very narrow window
of clinical trial eligibility among patients with relapsed gastric
cancer, a rapidly progressing fatal disease. As only a fraction of such
patients are successfully enrolled, a substantial pool of patients is
needed to complete gastric cancer studies in a timely manner. While
gastric cancer is second only to lung cancer for cancer-related deaths
on a global basis, the incidence of this cancer varies markedly across
countries.1,2 Ideally, IMGN242 should be developed by a
company with operations in countries where gastric cancer is highly
prevalent (e.g., in Japan and/or China).
The decision announced today is not expected to have a significant
impact on the Company’s revenue, expenses or cash use during its 2009
fiscal year.
About IMGN242
IMGN242 was developed by ImmunoGen as a targeted therapy for
CanAg-expressing cancers, including gastric cancer. In mid-2007, the
compound began Phase II testing for gastric cancer in a trial designed
to include 23 patients. To date, only a small portion of these patients
have been accrued and, as a result, trial enrollment is being stopped.
The Phase I study underway with IMGN242 also will end following the
enrollment of the small number of patients needed for its completion.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using its
expertise in cancer biology, monoclonal antibodies and the creation and
linkage of potent cancer-cell killing agents (CKAs) to such antibodies.
The Company’s proprietary Targeted Antibody PayloadTM (TAP)
technology consists of ImmunoGen’s highly potent CKAs, which have been
designed specifically for delivery by antibodies to cancer cells, and
the Company’s engineered linkers, which direct the activation of the CKA
inside a cancer cell. Compounds utilizing the TAP technology are in
clinical testing through ImmunoGen’s own programs and its collaborations
with Genentech (a wholly-owned member of the Roche Group),
sanofi-aventis, Biogen Idec and Biotest. The most advanced compound,
T-DM1, is in Phase III testing being conducted by Genentech and Roche.
Other ImmunoGen collaborative partners include Bayer HealthCare and
Amgen.
1Cancer Fact Sheet Number 297, World Health Organization,
February 2009.
2Global Cancer Statistics, 2002, CA Cancer J Clin
2005; 55:74-108.
This press release includes forward-looking statements. 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. It should be noted that there are risks and
uncertainties related to the potential out-licensing of IMGN242 and any
further development of this compound. A review of these risks can be
found in ImmunoGen’s Annual Report on Form 10-K for the fiscal year
ended June 30, 2008 and other reports filed with the Securities and
Exchange Commission.
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive
Director, Investor Relations
and Corporate Communications
info@immunogen.com
