ImmunoGen, Inc (IMGN) saw its loss widen to $34.15 million, or $0.39 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $33.23 million, or $0.38 a share. Revenue during the quarter dropped 23.20 percent to $13.85 million from $18.03 million in the previous year period.
Operating loss for the quarter was $28.65 million, compared with an operating loss of $28.22 million in the previous year period.
“In 2016, we strengthened ImmunoGen operationally and financially with a focused strategy and disciplined execution,” said Mark Enyedy, ImmunoGen’s president and chief executive officer. “Building upon this momentum, we enter 2017 well positioned to deliver on multiple clinical milestones. In January, we advanced our lead program to Phase 3, dosing the first patient in the FORWARD I study of mirvetuximab soravtansine in ovarian cancer. At the Society of Gynecologic Oncology annual meeting next month, we will present data from the mirvetuximab biopsy cohort, followed by initial data in the second quarter from the mirvetuximab combination regimens being evaluated in our FORWARD II study. We are also excited about the potential of our DNA-alkylating ADCs and expect to report the first data from the Phase 1 study of IMGN779 for acute myeloid leukemia in mid-2017 and to file an IND for IMGN632 in the third quarter.”
ImmunoGen, Inc projects revenue to be in the range of $70 million to $75 million for financial year 2017.
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