Down to bare bones, ImmunoGen bets all on final Phase III dice roll
Shares in antibody-drug conjugate (ADC) specialist ImmunoGen (Nasdaq: IMGN) were down around 7% ahead of the opening bell on Thursday, after the firm announced cuts to research and jobs.
An in-depth operational review, designed to extend the company’s cash runway, led the firm to prioritize continued development of mirvetuximab and a select portfolio of three earlier-stage product candidates.
The firm said it would end the current quarter with approximately $240 million on its balance sheet, and that this would fund operations through the release of top-line results from the upcoming mirvetuximab Phase III study in platinum-resistant ovarian cancer. These data are expected in the first half of 2022.
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