ImmunoGen, Inc. (NASDAQ:IMGN) has reported significant progress in its 2017 operational results. The company, which is charged with the expansion of the field of antibody-drug conjugates (ADCs) says that it has had strong execution of results within four consecutive quarters. According to ImmunoGen’s president and chief executive officer, Mark Enyedy, the clinical-stage biotech’s battle was not only about making a profit but also paying off the various debts it had incurred.
Some of the major areas that Enyedy is proud of include the advancement of the monotherapy registration study, expansion of the clinical pipeline and the establishment of a high-value partnership with Jazz Pharmaceuticals.
ImmunoGen’s pipeline highlights
The company achieved so much more than expected in its 2017 operations. For example, besides actuating over a 100 sites in North America and Europe, it was also able to advance its Phase 1b/2 FORWARD II trial in the same regions. Updated safety data and initial anti-leukemia activity, which involved the dose-escalation phase of Phase 1 clinical trial of IMGN779 were reported.
Financially, the company reported an increase in revenue from $48.6 million as at December 31, 2016, to $115.4 million as at December 31, 2017. On the other hand, R&D expenses decreased from $184.3 million in 2016 to $174.4 million in 2017.
In summary of its 2017 highlights, ImmunoGen through its CEO claims that it will have a more significant moment in 2018 compared to 2017. Besides, it is expecting a number of important catalysts during the year, which is likely to strengthen its position in the market.
A review of the anticipated 2018 events
ImmunoGen has aligned a number of events for 2018. Its first anticipation is the enrollment of patients in its FORWARD I Phase 3 registration trial. In the first half of the year, the company also expects its partner Takeda will start the clinical development of TAK-164.
In line with its manufacturing strategy, the company will be moving to an operating model, which will involve external manufacturing and quality testing for drug substance. The move will result in the ramping down of manufacturing and quality undertakings at the Company’s Norwood, Massachusetts facility. Meanwhile, the company has acknowledged all its employees who have offered the necessary support through the transition.