ImmunoGen, Inc. Earns Milestone with BAY 94-9343 IND Submission
June 14 2011 - 3:01PM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that
develops targeted antibody-based anticancer products using its
antibody expertise and Targeted Antibody Payload (TAP) technology,
today announced that Bayer HealthCare Pharmaceuticals’ submission
of an Investigational New Drug (IND) application for the TAP
compound, BAY 94-9343, triggers a $2 million milestone payment to
ImmunoGen.
BAY 94-9343 is in development by Bayer HealthCare under an
agreement with ImmunoGen that grants Bayer HealthCare exclusive
rights to use the Company’s maytansinoid TAP technology to develop
anticancer therapeutics that target mesothelin. Under this
agreement, ImmunoGen is entitled to receive milestone payments
potentially totaling up to $170.5 million for each resulting
product plus royalties on sales.
“BAY 94-9343 is a promising therapeutic for
mesothelin-expressing cancers,” commented Daniel Junius, ImmunoGen
President and CEO. “In addition to BAY 94-9343, we expect five
other TAP compounds to advance into clinical testing in next twelve
months – two developed and wholly owned by ImmunoGen and
three through our collaborations with other companies. Overall, we
anticipate that there will be twelve TAP compounds in the clinic by
this time next year.”
Mesothelin is highly expressed on mesotheliomas and on many
ovarian and pancreatic carcinomas.1 BAY 94-9343 consists of a Bayer
HealthCare antibody that targets mesothelin with ImmunoGen’s DM4
cancer-cell killing agent attached using one of the Company’s
engineered linkers. In preclinical testing, BAY 94-9343
demonstrated potent, targeted anticancer activity against
mesothelin-expressing tumors.2
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using
the Company's expertise in tumor biology, monoclonal antibodies,
potent cancer-cell killing agents and engineered linkers. 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 six TAP compounds in clinical
testing, with a wealth of clinical data reported with the
technology. ImmunoGen’s collaborative partners include Amgen, Bayer
HealthCare Pharmaceuticals, Biotest, Genentech (a member of the
Roche Group), Novartis, and Sanofi. The most advanced compound
using ImmunoGen's TAP technology, trastuzumab emtansine (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.
1Mesothelin, Encyclopedia of Cancer, 2009.2102nd Annual Meeting
of the American Association for Cancer Research, 2011 (abstract
#1754).
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 development of
novel anticancer products, including BAY 94-9343, other
preclinical compounds and clinical-stage compounds, including risks
related to uncertainties around preclinical and clinical studies,
IND submissions, and regulatory reviews and their timings and
results. A review of these risks can be found 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.
ImmunoGen (NASDAQ:IMGN)
Historical Stock Chart
From Jun 2024 to Jul 2024
ImmunoGen (NASDAQ:IMGN)
Historical Stock Chart
From Jul 2023 to Jul 2024