− Conference Call Today at 8:00 am ET−
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Advancing pipeline of wholly owned therapeutic candidates: IMGN853 in
initial evaluation of efficacy in treatment of targeted ovarian and
endometrial cancers; new IMGN529 clinical data to be reported at ASH;
dose-finding evaluation of IMGN289 ongoing; IMGN779 advancing towards
IND submission in 2015.
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Kadcyla® sales exceed $150 million in Roche's most recent
quarter, with regulatory submissions for two more indications expected
in 2015; eight other novel programs in clinic through partnerships,
with number expected to increase markedly over the coming year;
partner data presentations expected at ASH.
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Company reiterates previous guidance for 2015 fiscal year.
WALTHAM, Mass.--(BUSINESS WIRE)--
ImmunoGen,
Inc. (Nasdaq: IMGN), a biotechnology company that develops novel
anticancer therapeutics using its antibody-drug conjugate (ADC)
technology, today reported financial results for the three-month period
ended September 30, 2014 - the first quarter of the Company's 2015
fiscal year. ImmunoGen also provided an update on product programs and
reiterated its guidance for its 2015 fiscal year.
"We are executing on our strategy of employing our ADC leadership to
establish a pipeline of therapies that can make a meaningful difference
for people with cancer," commented Daniel Junius, President and CEO. "We
are assessing our lead compound, IMGN853, specifically for the treatment
of ovarian and endometrial cancers while concurrently evaluating a more
frequent dosing schedule, to ensure we take the best schedule forward
into more advanced testing. Dose finding is ongoing with both our
IMGN529 for non-Hodgkin lymphoma and our IMGN289 for EGFR-positive
cancers, with updated IMGN529 clinical findings accepted for
presentation at ASH in December. And we are advancing our next novel
agent, IMGN779, toward IND submission in 2015."
Mr. Junius continued, "Additionally, we are entering a period with a
marked increase in our anticipated partner events. This certainly
includes the readouts from the next two Kadcyla Phase III trials -
MARIANNE and GATSBY - as projected by Roche and, if positive, their
registration submissions. It also includes several partner compounds
advancing deeper into clinical testing plus a number of additional novel
therapies entering the clinic, underscoring our leadership position in
the field."
ImmunoGen Wholly Owned Product Candidates
IMGN853 - a potential new treatment for many ovarian and endometrial
cancers.
-
IMGN853 is undergoing initial assessment of activity and safety in the
treatment of folate receptor α (FRα)-positive platinum-resistant
ovarian cancer and relapsed endometrial cancer. In this assessment, it
is administered once every three weeks at its recommended Phase II
dose (RP2D).
-
ImmunoGen is also assessing a weekly dosing schedule, with dose
finding ongoing. Company research indicates dosing IMGN853 on a more
frequent basis should increase total drug exposure - and thus further
enhance activity - while reducing peak exposures - and thus further
improve tolerability.
-
The Company intends to report comprehensive IMGN853 findings at a
major medical conference in mid-2015.
IMGN529 - a potential new treatment for B-cell malignancies, including
non-Hodgkin lymphoma (NHL).
-
Dose-finding assessment with this CD37-targeting ADC is ongoing in NHL.
-
Updated clinical findings will be reported at the American Society of
Hematology (ASH) annual meeting in December 2014.
-
The Company expects the RP2D of IMGN529 to be established and its
evaluation in disease-specific patient populations to begin in 2015.
IMGN289 - a potential new treatment for EGFR-positive cancers, which
include many head and neck, lung, breast, stomach and esophageal cancers.
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Phase I dose finding is ongoing.
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The Company intends to report initial IMGN289 clinical findings at a
major medical conference in 2015.
IMGN779 - a potential new treatment for acute myeloid leukemia.
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Additional preclinical findings will be reported at ASH in December
2014.
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ImmunoGen expects to submit the Investigational New Drug (IND)
application for IMGN779 in the second half of 2015.
Partner Compounds
Roche's marketed product, Kadcyla (ado-trastuzumab emtansine), is the
lead therapy utilizing ImmunoGen's ADC technology.
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Sales - Roche reported global Kadcyla sales of 144 million CHF for its
quarter ending September 30, 2014, comprising 70 million CHF in the US
and 74 million CHF internationally. ImmunoGen receives and recognizes
royalties on Kadcyla sales in the quarter after the quarter in which
Roche records the sales.
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Roche expects the readout from its MARIANNE Phase III trial by the end
of 2014 and results from its GATSBY Phase III trial in 2015. These
assess Kadcyla for the first-line treatment of HER2-positive
metastatic breast cancer and the second-line treatment of advanced
HER2-positive gastric cancer, respectively. With positive results,
Roche intends to submit in 2015 for marketing approval for these uses.
-
Roche also has three Phase III trials underway assessing Kadcyla for
early stage HER2-positive breast cancer - for neoadjuvant use
(KRISTINE), adjuvant use (KAITLIN) and residual invasive disease
(KATHERINE).
Over the past five years, the number compounds in the clinic through
ImmunoGen partnerships has increased by over fifty percent; over the
next 12-15 months, it is expected to increase substantially again.
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Numerous leading healthcare companies have partnered with ImmunoGen,
including Amgen, Lilly, Novartis, Roche and Sanofi.
-
Data presentations on partner compounds are expected at ASH.
Financial Results
For the Company's quarter ended September 30, 2014 (1QFY2015), ImmunoGen
reported a net loss of $22.3 million, or $0.26 per basic and diluted
share, compared to a net loss of $11.2 million, or $0.13 per basic and
diluted share, for the same quarter last year (1QFY2014).
Revenues for 1QFY2015 were $13.2 million, compared to $17.2 million for
1QFY2014. Revenues in the current period include $6.2 million of license
and milestone fees, compared to $13.2 million in 1QFY2014. The current
year fees include $4.0 million of cash milestone payments from Sanofi
earned with the initiation of a Phase IIb trial for SAR650984 and a
Phase I trial for SAR408701 and $1.8 million of amortization of an
upfront license fee received from Sanofi in FY2014. The prior year fees
include $7.8 million of amortization of an upfront license fee received
from Lilly in FY2012 that was recognized in 1QFY2014 with Lilly taking a
development and commercialization license in that quarter as well as a
$5 million cash milestone payment from Roche earned in 1QFY2014 with the
approval of Kadcyla in Japan.
Revenues in 1QFY2015 also include $4.2 million of royalty payments
received from Roche in September 2014 for sales of Kadcyla during the
three-month period ended June 30, 2014, compared to $2.1 million of
royalty payments received in 1QFY2014. Additionally, 1QFY2015 revenues
include $0.8 million of research and development support fees, compared
to $2.0 million in such fees for 1QFY2014, and $2.0 million of clinical
materials revenue, compared to minimal revenue for 1QFY2014. The level
of research support and the number of batches of clinical materials
produced and released to partners varies on a quarter-to-quarter basis.
Operating expenses in 1QFY2015 were $35.1 million, compared to $28.6
million in 1QFY2014. Operating expenses in 1QFY2015 include research and
development expenses of $28.0 million, compared to $22.0 million in
1QFY2014. This change is primarily due to increased third-party costs
related to the advancement of our internal products, increased costs
associated with manufacturing clinical materials on behalf of our
partners and increased personnel expenses, principally due to recent
hiring. Operating expenses also include general and administrative
expenses of $7.1 million in 1QFY2015, compared to $6.5 million in
1QFY2014. This increase is primarily due to increased personnel and
patent expenses.
ImmunoGen had approximately $121.8 million in cash and cash equivalents
as of September 30, 2014, compared with $142.3 million as of June 30,
2014, and had no debt outstanding in either period. Cash used in
operations was $18.9 million in the first three months of FY2015,
compared with $23.6 million in the same period in FY2014. Capital
expenditures were $1.7 million and $0.6 million for the first three
months of FY2015 and FY2014, respectively.
Financial Guidance for Fiscal Year 2015
ImmunoGen's financial guidance remains unchanged from that issued in
August 2014. ImmunoGen expects: its revenues to be between $100 million
and $105 million; its operating expenses to be between $160 million and
$165 million; its net loss to be between $60 million and $65 million;
its cash used in operations to be between $55 million and $60 million;
and its capital expenditures to be between $7 million and $9 million.
Cash and marketable securities at June 30, 2015 are anticipated to be
between $75 million and $85 million.
"We are investing in advancing and expanding our portfolio of novel
therapies designed to make a meaningful difference for patients with
cancer," commented David Johnston, EVP and CFO. "This includes
investment in the research, trials and clinical materials needed to
advance our programs, and also in the human resources and expertise
needed to take them successfully to and through future stages."
Conference Call Information
ImmunoGen is holding a conference call today at 8:00 am ET to discuss
the quarterly results. To access the live call by phone, dial
913-312-0384; the conference ID is 9325211. The call also may be
accessed through the Investor Information section of the Company's
website, www.immunogen.com.
Following the live webcast, a replay of the call will be available at
the same location through November 7, 2014.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics. The Company's
ADC technology uses tumor-targeting antibodies to deliver an ImmunoGen
cell-killing agent specifically to cancer cells; the Company has also
developed antibodies with anticancer activity of their own. The first
product with ImmunoGen's ADC technology is Roche's Kadcyla. ImmunoGen
has three wholly owned product candidates in clinical testing with
additional compounds in clinical testing through the Company's
partnerships with Amgen, Bayer HealthCare, Biotest and Sanofi. More
information about ImmunoGen can be found at www.immunogen.com.
Kadcyla® is a registered trademark of Genentech, a member of
the Roche Group.
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 revenues,
operating expenses, net loss, cash used in operations and capital
expenditures in its 2015 fiscal year; its cash and marketable securities
as of June 30, 2015; the occurrence, timing and outcome of potential
pre-clinical, clinical and regulatory events related to the Company's
and its collaboration partners' product programs; and the presentation
of preclinical and clinical data on the Company's and collaboration
partners' product candidates. 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 timing and outcome of
ImmunoGen's and the Company's collaboration partners' research and
clinical development processes; 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, 2014 and other reports filed with the Securities and
Exchange Commission.
-Financials Follow-
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IMMUNOGEN, INC.
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SELECTED FINANCIAL INFORMATION
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(in thousands, except per share amounts)
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(Unaudited)
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September 30,
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June 30,
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2014
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2014
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ASSETS
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Cash and cash equivalents
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$
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121,798
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$
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142,261
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Other assets
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21,308
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23,057
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Total assets
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$
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143,106
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$
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165,318
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities
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$
|
39,774
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$
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21,254
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Long-term portion of deferred revenue and other long-term liabilities
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44,361
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68,365
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Shareholders' equity
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58,971
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75,699
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Total liabilities and shareholders' equity
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$
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143,106
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$
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165,318
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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Three Months Ended
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September 30,
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2014
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2013
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Revenues:
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License and milestone fees
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$
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6,234
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$
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13,167
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Royalty revenue
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4,166
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|
|
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|
2,053
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Research and development support
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|
776
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|
|
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|
1,990
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Clinical materials revenue
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2,027
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8
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Total revenues
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13,203
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17,218
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Expenses:
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Research and development
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28,018
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22,029
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General and administrative
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7,095
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6,526
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Total operating expenses
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35,113
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|
|
|
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28,555
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Loss from operations
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(21,910
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)
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(11,337
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)
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Other (expense) income, net
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(372
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)
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111
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Net loss
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$
|
(22,282
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)
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|
$
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(11,226
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)
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Net loss per common share, basic and diluted
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|
$
|
(0.26
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)
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$
|
(0.13
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)
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Weighted average common shares outstanding, basic and diluted
|
|
|
|
|
85,872
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|
|
|
|
|
85,010
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For Investors:
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
info@immunogen.com
or
For
Media:
Pure Communications, Inc.
Dan Budwick, 973-271-6085
Source: ImmunoGen, Inc.
News Provided by Acquire Media