Event Triggers $1.5 Million Payment from Biogen Idec
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 1, 2008--ImmunoGen, Inc.
(Nasdaq: IMGN), a biopharmaceuticals company that develops targeted
anticancer therapeutics using its Tumor-Activated Prodrug (TAP)
technology, today announced that Biogen Idec Inc. (Nasdaq: BIIB) has
submitted an Investigational New Drug (IND) application for BIIB015.
This event triggers a $1.5 million milestone payment to ImmunoGen.
BIIB015 comprises ImmunoGen's cell-killing agent, DM4, linked to
Biogen Idec's Cripto-targeting antibody, and is in development by
Biogen Idec for the treatment of solid tumors that express the Cripto
antigen.
"BIIB015 is a promising new treatment for solid tumors and we are
delighted with the progress being made by Biogen Idec," stated Mitchel
Sayare, Chairman and CEO. "We outlicense our TAP technology to other
companies for use with their proprietary antibodies both for the
financial return and to expand the number of compounds in development.
We expect there to be as many as eight TAP compounds in the clinic by
this summer - the five already in human clinical testing plus three
more compounds advancing toward the clinic."
In 2004, Biogen Idec licensed the exclusive right to use
ImmunoGen's maytansinoid TAP technology with antibodies that target
Cripto. This agreement entitles ImmunoGen to receive milestone
payments upon achievement of the events defined in that agreement, and
also to receive royalties on the sales of any products that use
ImmunoGen's maytansinoid TAP technology. Biogen Idec is responsible
for product development, manufacturing, and commercialization.
About ImmunoGen's TAP Technology
ImmunoGen created its TAP technology to enhance the anticancer
activity of tumor-targeting monoclonal antibodies while maintaining a
favorable tolerability profile. ImmunoGen attaches to an antibody one
of the Company's proprietary cell-killing agents (DM1, DM4). The
antibody serves to deliver the agent specifically to cancer cells and
the agent serves to kill the cancer cells. The agent is attached using
one of the Company's "linkers." ImmunoGen has developed alternative
cell-killing agents and linkers so the best product design can be
achieved for each antibody and its target.
ImmunoGen uses its cell-killing agents with its wholly-owned
antibodies to create its own anticancer compounds. ImmunoGen also
outlicenses its technology for use by other companies with their
proprietary antibodies.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer biopharmaceuticals.
The Company's proprietary TAP technology uses tumor-targeting
antibodies to deliver a potent cell-killing agent specifically to
cancer cells. Two TAP compounds wholly owned by ImmunoGen are in
clinical testing - IMGN901 (huN901-DM1) and IMGN242 (huC242-DM4).
Three TAP compounds are in clinical testing through ImmunoGen's
collaborations with other companies - AVE9633 and SAR3419, in
development by sanofi-aventis, and T-DM1 (trastuzumab-DM1), in
development by Genentech. Additionally, the naked antibody compound,
AVE1642, is in clinical testing through the Company's collaboration
with sanofi-aventis. Multiple compounds are in research/preclinical
development through ImmunoGen's collaborations and internal programs.
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 Company's development of its own
products, as well as to the development of products, including
BIIB015, by our collaborators. A review of these risks can be found in
ImmunoGen's Annual Report on Form 10-K for the fiscal year ended June
30, 2007 and other reports filed with the Securities and Exchange
Commission.
CONTACT: Investors:
ImmunoGen, Inc.
Carol Hausner, 617-995-2500
Executive Director, Investor Relations
and Corporate Communications
info@immunogen.com
or
Media:
For ImmunoGen, Inc.
KMorrisPR
Kathryn Morris, 845-635-9828
Kathryn@kmorrispr.com
SOURCE: ImmunoGen, Inc.
