Stock Alert: ImmunoGen (IMGN)

(RTTNews) - Shares of ImmunoGen Inc. (IMGN) touched a new high of $6.60 in early trade and are currently up more than 15% from the previous day's close, after the Company provided an update on its pipeline and reported financial results for the quarter and year ended December 31, 2019.

ImmunoGen is focused on developing the next generation of antibody-drug conjugates (ADCs) for the treatment of cancer.

The Company's lead drug candidate is Mirvetuximab soravtansine, a potential new treatment for patients with folate receptor alpha (FRa)-positive platinum-resistant ovarian cancer.

A pivotal trial evaluating Mirvetuximab monotherapy in women with folate receptor alpha (FRa)-high platinum-resistant ovarian cancer who have been previously treated with Avastin, dubbed SORAYA, is expected to be initiated in the first quarter of 2020.

A confirmatory phase III trial of Mirvetuximab, dubbed MIRASOL, is underway.

An additional platinum-sensitive investigator-sponsored trial evaluating Mirvetuximab in combination with Carboplatin is planned for initiation this year.

Initial data from Phase 1b FORWARD II platinum-agnostic doublet cohort evaluating Mirvetuximab in combination with Avastin is expected to be reported in mid-2020 and updated data from the FORWARD II platinum-sensitive triplet cohort evaluating Mirvetuximab in combination with Carboplatin and Avastin is expected to be reported in the fall of 2020.

The Company has no marketed products and generates revenue from licensing and development agreements with collaborators for the development of antibody-drug conjugates.

The total revenues in the fourth quarter and year ended December 31, 2019, were $44.9 million and $82.3 million, respectively. This compared with revenue of $13.4 million and $53.4 million for the same periods in 2018.

Net income for the fourth quarter of 2019 was $4.8 million or $0.03 per share compared to a net loss of $41.8 million or $0.28 per share for the fourth quarter of 2018. Net loss for the year ended December 31, 2019, narrowed to $104.1 million or $0.70 per share from $168.8 million or $1.21 per share in 2018.

Looking ahead to 2020, the Company expects revenues to be between $60 million and $65 million.

ImmunoGen ended 2019 with cash and cash equivalents of $176.2 million.