ImmunoGen battered by FDA data demand

16 May 2019

More than 32% was wiped off the market value of antibody drug conjugate (ADC) specialist ImmunoGen (Nasdaq: IMGN) on Wednesday.

The US biotech company announced that the Food and Drug Administration (FDA) had asked that a new Phase III trial be conducted on mirvetuximab soravtansine in patients with high folate receptor alpha (FRα)-positive, platinum-resistant ovarian cancer, as part of a Type C meeting held this week.

"Our meeting with the FDA enabled us to clarify a regulatory path forward"Even before this announcement, ImmunoGen was reviewing its operations with the aim of extending the company’s cash resources. Mirvetuximab soravtansine is its lead product.

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