ImmunoGen, Inc. Earns Milestone Payment From Amgen With IND Achievement for Second TAP Compound
November 14 2011 - 5:30AM
ImmunoGen, Inc. (Nasdaq:IMGN), a biotechnology company that
develops targeted anticancer products using its antibody expertise
and Targeted Antibody Payload (TAP) technology, today announced
that the Investigational New Drug (IND) application submitted by
Amgen for a second TAP compound is now active. This event triggers
a $1 million milestone payment to ImmunoGen.
Earlier this month, the IND for a different Amgen TAP compound
also became active and triggered a $1 million milestone payment to
ImmunoGen. Both compounds use ImmunoGen's TAP technology with Amgen
antibodies to undisclosed targets and are in development by Amgen
under an agreement between the companies.
Daniel Junius, President and CEO, commented, "On July 1 – the
start of our current fiscal year – there were already six TAP
compounds in clinical testing through our own programs and those of
our partners, with the most advanced in Phase III. Since then, four
more TAP compounds have advanced to having an active IND, and we
expect our next wholly owned compound, IMGN853, to reach this stage
by June. This progress speaks to the productivity of our
technology, our product programs, and our partnerships."
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 now numerous TAP compounds in clinical
development and a wealth of clinical data reported. ImmunoGen's
collaborative partners include Amgen, Bayer HealthCare
Pharmaceuticals, Biotest, Novartis, Roche, 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, a member of the Roche Group. More
information about ImmunoGen can be found at www.immunogen.com.
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 by ImmunoGen and the Company's
collaborators, including this Amgen compound, including risks
related to preclinical and clinical studies, 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, 2011 and
other reports filed with the Securities and Exchange
Commission.
CONTACT: For Investors:
Carol Hausner
Executive Director,
Investor Relations and Corporate Communications
ImmunoGen, Inc.
(781) 895-0600
info@immunogen.com
For Media:
Barbara Yates
The Yates Network
(781) 258-6153
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