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ImmunoGen Inc. (Nasdaq: IMGN) announced the granting of non-qualified stock option awards for 51,500 shares to three new employees under its Inducement Equity Incentive Plan on November 30, 2020. The stock options, priced at $5.45 per share, match the closing price on that date. The options vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly, contingent on the employees' continued employment. This initiative complies with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to advance ImmunoGen's focus on antibody-drug conjugates for cancer treatment.
ImmunoGen Inc. (Nasdaq: IMGN) will host a conference call on December 7, 2020, at 8:00 AM ET to discuss new findings from its first-in-human trial of IMGN632, targeting CD123 in patients with BPDCN. The data will be presented on December 5, 2020, at the 62nd ASH Annual Meeting. Dr. Naveen Pemmaraju from MD Anderson Cancer Center will summarize the results, and management will update on the pathway to FDA approval for IMGN632 and advancements in the AML program.
ImmunoGen, Inc. (Nasdaq: IMGN) has announced its participation in two upcoming investor conferences, highlighting its leadership in antibody-drug conjugates for cancer treatment. The first event is the Piper Sandler 32nd Annual Virtual Healthcare Conference on November 23 at 10:00 am ET, followed by the Evercore ISI Annual HealthCONx Conference on December 1 at 12:10 pm ET. Webcasts will be available on the company's website, with replays offered afterward. ImmunoGen focuses on developing targeted therapies to improve cancer patient outcomes.
ImmunoGen reported a strong performance for Q3 2020, achieving revenues of $18.2 million, up from $13.3 million year-over-year. The company experienced increased operating expenses of $34.9 million, primarily due to higher R&D costs. Notably, ImmunoGen secured a $40 million upfront payment from Huadong Medicine to develop mirvetuximab in Greater China, with potential milestone payments of $265 million. The net loss for the quarter was $22.4 million, or $0.13 per share. The company maintains a strong cash position of $188.2 million and has updated its 2020 revenue guidance to $60-$65 million.
ImmunoGen, Inc. (Nasdaq: IMGN) announced that CFO Susan Altschuller and CMO Anna Berkenblit will participate in a fireside chat at the Jefferies Virtual London Healthcare Conference on November 18, 2020, at 12:00 PM ET. The event will be accessible via a live webcast on the company's website, with a replay available afterward. ImmunoGen focuses on developing advanced antibody-drug conjugates to enhance cancer treatment outcomes, emphasizing their commitment to targeted therapies with improved efficacy and tolerability.
On October 30, 2020, ImmunoGen, Inc. (Nasdaq: IMGN) granted a non-qualified stock option for 21,500 shares to a new employee as part of its Inducement Equity Incentive Plan. The options have an exercise price of $5.64 per share, equal to the stock's closing price on the grant date. They will vest over four years, with 25% vesting after one year and the remainder quarterly. This plan is designed for individuals not previously employed by ImmunoGen, per Nasdaq rules. The company continues to focus on developing innovative antibody-drug conjugates for cancer treatment.
ImmunoGen, a leader in antibody-drug conjugates for cancer treatment, will host a conference call on November 6, 2020, at 8:00 a.m. ET to discuss its third-quarter operating results. The call will include a business update and can be accessed by phone at (877) 621-5803 with conference ID 9864218. Investors can also listen through the company’s website. ImmunoGen focuses on developing next-generation therapies to improve cancer patient outcomes, committing to 'target a better now.'
ImmunoGen, Inc. (Nasdaq: IMGN) and Huadong Medicine Co., Ltd. have entered an exclusive collaboration to develop and commercialize mirvetuximab soravtansine in Greater China. This partnership allows ImmunoGen access to a significant pharmaceutical market while providing Huadong Medicine a late-stage oncology asset. ImmunoGen will receive an upfront payment of $40 million and may earn up to $265 million in milestone payments, alongside royalties from future sales in the region. ImmunoGen retains rights to mirvetuximab outside of Greater China.
ImmunoGen, Inc. (Nasdaq: IMGN) has raised approximately $54.8 million through its At-the-Market facility, selling around 12.7 million shares at $4.33 each. The funds will enhance the Company's balance sheet and support operations including clinical trials, commercialization activities, and capital expenditures. This offering was made under a shelf registration statement effective since March 2018. The press release includes forward-looking statements regarding the use of proceeds and potential clinical developments, cautioning investors of associated risks.
ImmunoGen, Inc. (Nasdaq: IMGN) announced that the FDA has granted Breakthrough Therapy designation for IMGN632, aimed at treating patients with relapsed or refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN). This designation highlights the need for effective treatments for this rare cancer. The decision was based on preliminary clinical evidence from IMGN632's trials. The drug is currently also being evaluated for acute myeloid leukemia (AML) and acute lymphocytic leukemia (ALL), with further data to be presented at the upcoming ASH Annual Meeting.
