ImmunoGen, Inc. Announces Updated Guidance for 2011 Fiscal Year
October 11 2010 - 5:15AM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that
develops targeted antibody-based anticancer products, today
announced updated guidance for the Company’s fiscal year ending
June 30, 2011.
Net cash used in operations is expected to be between $0 and $4
million, with a net loss expected to total between $60 and $64
million. Cash and marketable securities at its fiscal year end of
June 30, 2011 are expected to total between $106 and $110 million,
which should be sufficient to fund operations through the Company’s
2013 fiscal year.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using
the Company’s expertise in tumor biology, monoclonal antibodies and
potent cancer-cell killing agents. The Company’s TAP technology
uses monoclonal antibodies to deliver one of ImmunoGen’s
proprietary cancer-cell killing agents specifically to tumor cells.
There are currently seven TAP compounds in the clinic, with a
wealth of clinical data reported with the technology. ImmunoGen
collaborative partners include Amgen, Bayer Schering Pharma, Biogen
Idec, Biotest, Genentech (a member of the Roche Group), Novartis,
and sanofi-aventis. The most advanced compound using ImmunoGen’s
TAP technology, T-DM1, is in Phase III testing through the
Company’s collaboration with Genentech. More information about
ImmunoGen can be found at www.immunogen.com.
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 net loss, cash used in operations and capital
expenditures in its 2011 fiscal year; its cash and marketable
securities as of June 30, 2011; and the Company’s cash sufficiency
through its 2013 fiscal year. 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 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; ImmunoGen's ability to financially
support its product programs; ImmunoGen's dependence on
collaborative partners; industry merger and acquisition activity;
and other factors more fully described in ImmunoGen's Annual Report
on Form 10-K for the fiscal year ended June 30, 2010 and other
reports filed with the Securities and Exchange Commission.
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