ImmunoGen, Inc. (NASDAQ:IMGN) a leader in the field of antibody-drug conjugates for the cancer treatment, assessed recent highlights and announced financial report for the quarter and six-month period closed December 31, 2016.
Mark Enyedy, the President and CEO of ImmunoGen, reported that in 2016, they strengthened company financially and operationally with a focused plan and disciplined execution. Building upon this drive, they entered 2017 well placed to offer on numerous clinical milestones.
In January, the company advanced their lead program to Phase III, dosing the first subject in the FORWARD I trial of mirvetuximab soravtansine in ovarian cancer. The company intends to present report of the mirvetuximab biopsy cohort in the coming period. It will be followed by preliminary data in the 2Q2017 from the mirvetuximab combination plans being assessed in FORWARD II trial.
They are also thrilled about the prospect of their DNA-alkylating ADCs and anticipated to report the initial data from the Phase I trial of ‘IMGN779’ for acute myeloid leukemia in 2017 and to submit an IND for ‘IMGN632’ in 3Q2017.
As previously reported, effective start of this year, ImmunoGen moved to a fiscal year closing December 31. Revenues for the six-month period closed December 2016 were $21.5 million, as against $32.9 million for the same period closed December 31, 2015. Milestone and license fees for this period comprise a $5 million milestone payment as against amortization of upfront fees of $8.6 million obtained from Takeda and also $8 million from milestone payments in the previous period.
Revenues in the reported period comprise non-cash royalty revenues of $12.9 million as against $12 million in non-cash royalty incomes and cash royalty revenues of $0.2 million for the prior period. ImmunoGen reported that revenues for the reported period also comprise $2.8 million of R&D support fees and clinical materials revenue of $0.7 million, versus $1.6 million and $2.3 million, correspondingly, in the prior period.