ImmunoGen Inc. (NASDAQ: IMGN) reported better-than-expected results for the second quarter of 2019, sending the stock soaring 13.5% in premarket hours on Friday. Analysts had forecast a loss of $0.33 per share on revenue of $9.4 million.
Total revenue jumped nearly 67% to $15.5 million from the
same period last year. The results included $10.4 million in non-cash royalty
revenues. License and milestone fees amounted to $5.1 million in the quarter.
Net loss was $43.4 million, or $0.29 per share, compared to $41.6 million, or $0.31 per share, in the prior-year period.
Operating expenses rose to $56.6 million from $48 million
last year, mainly due to a $19.3 million restructuring charge resulting from
operational changes. R&D expenses fell to $28.6 million from $38.7 million,
mainly due to lower personnel expenses.
For the full year of 2019, the company expects revenues of
$40-45 million and operating expenses of $175-180 million.
During the second quarter, ImmunoGen accelerated enrollment in
the FORWARD II mirvetuximab plus bevacizumab combination cohort in
ovarian cancer patients for whom a non-platinum-based regimen would be an
appropriate next therapy. The company expects to complete
enrollment in the FORWARD II mirvetuximab plus bevacizumab combination cohort
in the third quarter.
ImmunoGen plans to initiate the Phase 3 registration study
of mirvetuximab as a monotherapy for women with FRα-high, platinum-resistant
ovarian cancer by the end of this year and also to commence enrollment in the
IMGN632 combination and single-agent MRD+ Phase 2 cohorts.
ImmunoGen had $239.8
million in cash and cash equivalents as of June
30, 2019. Capital expenditures were $2.4
million for the first half of 2019.
ImmunoGen’s stock has dropped 49% year-to-date and 4% in the past three months.
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