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Immunogen Continues Cancer Surge (IMGN, NVS)

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Immunogen Inc. (NASDAQ: IMGN) reported its positive study data this morning.  It also gave updated guidance where it sees a loss of $60 to $64 million for Fical-2011.  The company will co-produce cancer drugs with Novartis (NYSE: NVS).

On the guidance: ” Net cash used in operations is expected to be between $0 and $4 million, with a net loss expected to total between $60 and $64 million. Cash and marketable securities at its fiscal year end of June 30, 2011 are expected to total between $106 and $110 million, which should be sufficient to fund operations through the Company’s 2013 fiscal year.”

The early-stage data evaluating lorvotuzumab mertansine in CD56+ solid tumors showed patients with any type of CD56+ solid tumor were eligible for enrollment. In the ongoing expansion phase of the trial, enrollment is limited to patients with MCC, SCLC, or ovarian cancer. A total of 64 patients with CD56+ solid tumors had been enrolled and 45 patients could be quantitatively assessed for changes in overall tumor burden. Thirteen (29%) of these 45 patients had a reduction in tumor volume ranging from 1.3 – 100%, and another 10 patients (22%) had no discernable increase in tumor burden.

Findings in Merkel Cell Carcinoma… Patients with Merkel cell carcinoma are being enrolled in the expansion phase of this trial as promising activity has been reported with lorvotuzumab mertansine for MCC, and the Company is assessing whether to initiate a pivotal trial with the compound for this use. Thirteen patients with metastatic MCC had been enrolled in the study at the time of data cut off. Five (38%) of these patients had notable clinical benefit.  1 patient had a complete response and has remained disease free for more than 5 years. 1 patient had a partial response that evolved to a complete response, and has been disease free for at least 17 months.  3 patients had clinically relevant stable disease for this patient population, remaining on lorvotuzumab mertansine for at least three months.

In Small-Cell Lung Cancer, Twenty-six patients were enrolled with SCLC, which has commonalities with MCC in biological characteristics, clinical course and response to treatments. SCLC tumors generally respond to first-line treatment but then recur. Survival at that stage is usually less than 6 months.  While all of the SCLC patients enrolled in this trial had cancer that had recurred following treatment with other therapies, three patients had clinically meaningful stable disease and another patient with refractory disease achieved an unconfirmed PR.

JON C. OGG


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