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Friday, March 1, 2019

Immunogen (IMGN) : ovarian cancer drug fails in a late-stage study




March 1 (Reuters) - U.S. drug developer ImmunoGen Inc said on Friday its experimental ovarian cancer drug failed to meet the main goal of a late-stage study. When compared with chemotherapy, the drug, mirvetuximab soravtansine, did not significantly prolong the duration that ovarian cancer patients survived without the disease progressing.

The company said that based on the efficacy signals, overall response rate and survival, it will conduct additional analysis to evaluation the potential benefit of mirvetuximab soravtansine for FRα-positive platinum-resistant ovarian cancer. "ImmunoGen is in a strong financial position with approximately $295 million in cash on our balance sheet, and we will continue to advance our portfolio of next-generation ADCs, which includes three additional development candidates targeting a range of tumor types in both hematologic malignancies and solid tumors," said Chief Executive Mark Enyedy. The stock has tumbled 57% over the past 12 months through Thursday.

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