ImmunoGen, Inc. (NASDAQ:IMGN) issued financial report for the quarter closed September 30, 2017 and reviewed recent highlights. Mark Enyedy, the CEO and President, expressed that during the third quarter, they advanced on the momentum in the business with remarkable operational execution and by considerably strengthening their capital position.
The CEO of ImmunoGen expressed that the Jazz deal supports the advancement of their early-stage plans in hematological malignancies, and the funds from this deal and the October financing extend their operating runway beyond the anticipated timeframe of the data of FORWARD I, their Phase III registration trial for mirvetuximab.
They are continuing to support FORWARD I along with their FORWARD 2 study assessing mirvetuximab in numerous combination plans, and look forward to showcasing report on IMGN632 and IMGN779 at the ASH Annual Meeting next month and opening the Phase I trial for IMGN632 by year-end. Depending on the progress recorded this year, they will enter 2018 with FORWARD 1 on track to close registration by mid-year, two agents deploying their unique IGN payload in the clinic, a strong balance sheet and, clinical data for mirvetuximab’s prospective role as a combination therapy.
For Q3 2017, ImmunoGen posted revenue of $8.5 million versus $7.7 million for the quarter closed September 30, 2016. The third quarter revenue of 2017 comprised non-cash royalty revenues of $6.5 million, versus non-cash royalty revenues of $6.2 million for the same quarter, a year ago. Revenues for Q3 2017 also comprised research and development support fees of $0.7 million and clinical materials revenue of $1.2 million, as against $1.4 million and $0.1 million, correspondingly, for the comparable quarter in 2016.
There was a decline in operating expenses in Q3 2017 mainly due to reduced third-party service fees and lower personal expenses. For Q3 2017, operating expenses came at $39.6 million versus $46.5 million for the comparable quarter in 2016.
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