ImmunoGen, Inc. Provides Update on Relationship with GlaxoSmithKline and Also on the Status of Trastuzumab-DM1 * Conference call and webcast is scheduled for Monday, June 24, 2002 at 11:30 a.m. * Conference call dial-in number: 800-289-0569 (U.S. only) or 913-981-5542. No passcode is required. Playback of the call will be available from approximately 2:30 p.m. June 24th. To listen to the playback, please call 888-203-1112 (U.S. only) or 719-457-0820 and refer to passcode #744876. * A live webcast may be accessed by going to the "Investor Relations" section on ImmunoGen's website, http://www.immunogen.com. Following the live webcast, an archived version of the call will be available at the same location until July 8, 2002CAMBRIDGE, Mass., Jun 24, 2002 /PRNewswire-FirstCall via COMTEX/ --ImmunoGen, Inc. (Nasdaq: IMGN), a biopharmaceutical company that develops targeted anti-cancer therapeutics, today announced that the Company learned Thursday evening from GlaxoSmithKline that GlaxoSmithKline has elected not to advance cantuzumab mertansine (huC242-DM1/SB-408075) into Phase II under the present terms of our license agreement. ImmunoGen plans to renegotiate the agreement with GlaxoSmithKline. However, should ImmunoGen determine that it is not in the best interests of the Company to enter into a revised agreement with GlaxoSmithKline, rights to cantuzumab mertansine would be returned to ImmunoGen and the Company would be free to develop and re-license the product as the Company considers most appropriate. Mitchel Sayare, Ph.D., Chairman and CEO of ImmunoGen, Inc., said, "Over the next several months, we will be in discussions with GlaxoSmithKline to work out the likely terms of a renegotiated contract. We will then assess how best to proceed with cantuzumab mertansine. We will announce the outcome of this process." Cantuzumab mertansine is a Tumor-Activated Prodrug (TAP) product created by conjugating the cytotoxic agent DM1 with the humanized monoclonal antibody C242. The antibody targets the CanAg receptor found on the surface of a number of types of cancer cells, including colorectal, pancreatic, gastric, and non-small-cell lung cancers. In early 1999, the Company licensed development and commercialization rights for cantuzumab mertansine to GlaxoSmithKline, which was then SmithKline Beecham. Between 1999 and 2001, GlaxoSmithKline initiated three Phase I studies with the product. The product has been found to be well tolerated, its maximum tolerated dose has been identified under different dosing schedules, and initial evidence of biological activity has been reported. In a separate development, ImmunoGen has learned from Genentech that Genentech intends to conduct additional preclinical research on Trastuzumab- DM1. The goal of this research is to enable development of an appropriate clinical plan for this product candidate and establish a new target IND filing date. Mitchel Sayare said, "While we are disappointed with these two communications, which ironically were received within hours of each other, they are unrelated. We remain fully confident in our technology."
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