ImmunoGen to present clinical data soon
ImmunoGen, Inc. (Nasdaq: IMGN) CEO Mitchel Sayare told analysts that the company will publicly present Phase I and Phase II data from clinical trials in the near future. He also told analysts that the company’s business plan consists of making new medical products with money garnished from licensing the company’s proprietary anti-cancer technology.
Sayare made the comments Thursday afternoon at the UBS 2007 Global Life Sciences Conference held in Cambridge, Mass.
“There are a couple subtleties here. A number of products are in the clinic that we don’t own, but the data from which helps cast a favorable light on ImmunoGen,” Sayare said.
Going forward, the chief executive said the Cambridge, Mass.-based firm’s plan is to develop products, bring them to market and collect royalties and milestone payments from third parties. Milestone payments can reach $40 million per product, he said. The revenue generated by third-party agreements pays for a lot of the company’s expenses, he said.
During trading on Thursday, shares of IMGN were down $0.01, or 0.21%, at $4.68. Over the last 52 weeks, shares have ranged from $3.43 to $6.24.
