ImmunoGen to prioritize development of four drug candidates
ImmunoGen completed an in-depth operational review based on which the company will prioritize continued development of mirvetuximab and a select portfolio of three earlier-stage product candidates targeting solid tumors and hematological malignancies. The company will end the current quarter with approximately $240M on its balance sheet and expects this cash, together with expense reductions resulting from operational changes and anticipated cash receipts from partners, will fund operations through the release of top-line results from the upcoming mirvetuximab Phase 3 study in platinum-resistant ovarian cancer, which are expected in 1H22. The operational review commenced following the announcement that ImmunoGen's Phase 3 clinical trial evaluating mirvetuximab compared to chemotherapy in women with folate receptor alpha-positive, platinum-resistant ovarian cancer, did not meet the primary endpoint. Following consultation with the FDA, the company will pursue a new Phase 3 study in this patient population. ImmunoGen has established three strategic priorities for the business: execute a registration study for mirvetuximab in platinum-resistant ovarian cancer; advance a select portfolio of earlier-stage product candidates; and further strengthen its balance sheet through partnering. ImmunoGen will focus on initating the registration study for mirvetuximab by the end of this year; complete enrollment and continue follow up in the ongoing FORWARD II mirvetuximab combination cohorts; continue IMGN632 development in hematologic malignancies in collaboration with Jazz Pharmaceuticals; advance two additional assets - IMGC936, which is in co-development with MacroGenics with an IND expected by the end of 2019; and the company's next generation anti-FRalpha ADC, which is expected to enter development in mid-2020; and monetize its remaining portfolio and platform technologies through out-licensing transactions or asset sales. The company will also reduce ongoing expenses.