ImmunoGen, Inc. (NASDAQ:IMGN) a pioneer in the expanding segment of antibody-drug conjugates for the treatment of cancer, issued update on recent highlights and operating performance for the quarter and year closed December 31, 2017. As previously reported, effective January 1, 2017, the company transitioned to a fiscal year closing December 31. The years closed December 31, 2017 and 2016 highlight the twelve-month performance of the respective calendar years. Revenues for the year closed December 31, 2017 came at $115.4 million as against $48.6 million for the year closed December 31, 2016.
Mark Enyedy, the CEO and President of ImmunoGen, expressed that they recorded considerable progress with the operations in 2017, with four successive quarters of remarkable execution across the firm. Operationally, they developed their monotherapy registration trial and issued compelling combination results with mirvetuximab, expanded their clinical pipeline, and finalized a high-value association with Jazz Pharmaceuticals supporting their earlier-stage programs.
Financially, ImmunoGen added cash of over $235 million and eliminated debt of around $100 million on the balance sheet via financing transactions and business development. With the momentum they generated in the preceding twelve months, they enter 2018 with a number of vital catalysts projected during the year. They expect completing patient registration in their FORWARD I Phase III registration study by mid-year, several data readouts from their FORWARD II study evaluating combinations with mirvetuximab starting next month and clinical data from its Phase 1 studies of both IMGN632 and IMGN779 later in the year.
With these expected events, they look forward to another remarkable year in 2018 as they advance their pipeline to launch new therapies to market and enhance value for their shareholders. Milestone and license fees of $79.5 million for 2017 comprised a paid-up license fee of $30 million related to a change to the firm’s collaboration and license deal with Sanofi, $29.5 million linked to the transfer and sale of the firm’s IMGN529 asset to Debiopharm, partner milestone payments of $7 million and amortization of a non-cash fee of $12.7 million related to the firm’s license deal with CytomX.