Clinical-stage biotechnology company ImmunoGen Inc. (IMGN:NASDAQ), which is focused generating targeted therapies in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced recent progress in the business and reported financial results for the quarter and year ended December 31, 2019.
The company's president and CEO Mark Enyedy commented, "Following the results of FORWARD I, we moved decisively to restructure the business to reduce our costs, prioritized our portfolio to focus on our most promising programs, and worked constructively with FDA to define an accelerated path to approval for mirvetuximab...We have emerged from a challenging year with significant momentum driven by the start of our registration program for mirvetuximab in platinum-resistant ovarian cancer and continued progress with our portfolio of early-stage products. We have enrolled the first patient in the confirmatory MIRASOL Phase 3 trial for mirvetuximab, presented clinical data at ASH in December demonstrating IMGN632's encouraging anti-tumor activity and favorable tolerability in patients with AML and BPDCN, and, most recently, raised roughly $98 million in a follow-on offering to strengthen our balance sheet."
CEO Enyedy added, "We enter 2020 with a number of important upcoming milestones to drive value in the business. For mirvetuximab, these include opening our pivotal SORAYA trial in the first quarter, continuing to enroll MIRASOL, initiating an additional combination study in platinum-sensitive disease, and presenting data from our platinum-agnostic and platinum-sensitive combination studies. Building upon the encouraging data we reported in 2019, we will continue to advance IMGN632 in the clinic and look forward to presenting BPDCN and MRD+ monotherapy and AML combination data this year. We expect the IND for IMGC936, our novel ADAM9-targeting ADC, to be filed during the first half of the year."
The company reported that in Q4/19 total revenues increased to $44.9 million, compared to $13.4 million in Q4/18. FY/19 total revenues increased to $82.3 million, up from $53.4 million for FY/18. The company highlighted that it had revenues from License and milestone fees of $34.8 million in FY/19, of which $29.6 million was recorded in Q4/19.
The firm reported Net income for Q4/19 of $4.8 million, or $0.03 per basic and diluted share, compared to a net loss of $(41.8) million, or $(0.28) per basic and diluted share in Q4/18 and a Net loss for FY/19 of $(104.1) million, or $(0.70) per basic and diluted share, compared to a net loss of $(168.8) million, or $(1.21) per basic and diluted share in FY/18.
The company indicated that pursuant to a public offering in January 2020, it sold an aggregate of 24,523,750 shares of its common stock resulting in net proceeds to the company of $97.6 million after associated expenses. ImmunoGen stated that it expects that the existing cash balances of the company along with these additional cash proceeds and receipts from operations will fund the company's operations into the second half of 2022.
The firm reported that for FY/20 it expects total revenues to be between $60-65 million; and operating expenses of between $165-170 million. The company also estimated that its cash and cash equivalents at December 31, 2020 will be between $170-175 million.
ImmunoGen, Inc. is based in Waltham, Mass. and advised that "it is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients." The firm endeavors to generate targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles in order to disrupt the progression of cancer giving patients many more good days.
ImmunoGen began the day with a market capitalization of around $933.8 million with approximately 174.2 million shares outstanding and a short interest of about 6%. IMGN shares opened nearly 12% higher today at $6.00 (+$0.64, +11.949%) over yesterday's $5.36 closing price and reached a new 52-week high price this morning of $6.925. The stock has traded today between $5.88 to $6.925 and is presently trading at $6.77 (+$1.41, +26.31%).[NLINSERT]
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