BT-062 - in line with the development plan, Biotest is now evaluating a more frequent dosing schedule in a Phase I/IIa trial. Additional findings from its first Phase I study have been accepted for presentation at ASH in December 2010. BIIB015 - Biogen Idec expects this TAP compound to enter Phase II in 2H2011. ImmunoGen expects 2-3 additional TAP compounds to enter the clinic in 2011 through the Company's collaborative partners.

Financial Results

ImmunoGen reported a net loss of $12.9 million, or $0.19 per basic and diluted share, for 1QFY11 compared to a net loss of $12.4 million, or $0.22 per basic and diluted share, for the same period last year.

Revenues were $3.4 million for 1QFY11, compared to $3.1 million for the same period last year. Both periods include $1.8 million of license and milestone fees. Revenues in 1QFY11 also include $1.5 million of research and development support fees and $0.1 million of clinical material reimbursement, compared to $0.8 million and $0.5 million, respectively, for the same quarter last year.

Operating expenses for 1QFY11 were $16.8 million, compared to $15.8 million in the same period last year. Operating expenses in 1QFY11 include research and development expenses of $13.4 million, compared to $12.2 million in 1QFY10, and general and administrative expenses of $3.4 million, compared to $3.6 million in 1QFY10.

Other income, net, consisting primarily of gains recognized on sales of investments, gains recognized on forward contracts, and interest income, was $0.5 million in 1QFY11, compared to $0.1 million for the same period last year.

ImmunoGen had approximately $94.9 million in cash and marketable securities as of September 30, 2010, compared with $110.3 million as of June 30, 2010, and had no debt outstanding in either period. During the first three months of fiscal 2011, cash used in operations was $15.3 million, compared to $11.4 million during the same period in fiscal 2010. Capital expenditures were $0.3 and $0.6 million for the first three months of fiscal years 2011 and 2010, respectively.

Financial Guidance

ImmunoGen expects its net loss for its fiscal year ending June 30, 2011 to be between $60-64 million, its cash used in operations to be between $0-4 million, and its capital expenditures to be between $2-3 million. Cash and marketable securities at June 30, 2011 are anticipated to be between $106-110 million. Reflected in this guidance is the collaboration established in October 2010 with Novartis.

"These results and our financial guidance reflect our commitment to aggressively advancing our proprietary compounds to value-inflection points and using business development as a way to advance the technology while generating non-dilutive cash," commented Gregory Perry, Senior Vice President and CFO.

SOURCE ImmunoGen, Inc.