ImmunoGen, Inc. (IMGN)

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ImmunoGen, Inc. (IMGN)

Credit Suisse Antibody Day Conference Call

May 10, 2013, 01:30 pm ET


Greg Perry - EVP & CFO


Jason Kantor- Credit Suisse


Jason Kantor- Credit Suisse

Okay. Our final talk today is ImmunoGen and I would like to invite Greg Perry, CFO, to the podium. Yeah go ahead, thank you.

Greg Perry

Alright, great, thank you it’s Greg Perry, CFO of ImmunoGen and again I would like to start by thanking Jason and Credit Suisse for giving us the opportunity to come here today and talk to you a little bit about ImmunoGen and the mission that we are on here.

I would like to caution you that I will be making forward-looking statements often times. Actual results do differ from these forward-looking statements, so I would point you to the risk factors on our Form 10-K when we talk about the risks associated with investing in ImmunoGen more fully.

So let's talk about ImmunoGen; it’s a very exciting time for ImmunoGen right now. Kadcyla was approved and was launched in the first quarter and to I think a very good success. We are certainly looking forward to the continued development of Kadcyla globally across a number of indications and we just recently had a little celebration of the company where we brought all of our employees together and we listened to a survivor tell her story about what Kadcyla had done for her and we also listened to some clinicians talk about the power of this technology and this drug in their clinical practice. So it’s really a very exciting opportunity for our employees to really see first hand what it is that we are all focused on so diligently.

Of course along with this exciting development for patients as well as clinicians is an exciting development for ourselves and our shareholders as it will bring forward a potential significant royalty revenue. And while we've been very focused on Kadcyla, the leadership team has been very focused on developing our proprietary pipeline. We have three wholly owned compounds in the clinic today; I will talk about those in a moment and we expect you to have a forth into the clinic in this year.

We are also on a very sound financial footing. We have $206 million in cash as reported on our last quarterly call and we have no debt. We are also partnering with a number of the leaders in oncology which we think provides significant opportunity for value creation as well as a meaningful source of cash going forward.

So certainly, Kadcyla has really changed the paradigm for treating cancer and we think it really is a start of a new era in the treatment of HER2 positive cancers where you see both improved efficacy versus the former standard of care as well as improved tolerability. It really embodies the promise of ImmunoGen’s TAP technology. It’s not only the first compound that's been approved utilizing ImmunoGen’s TAP technology. It’s also the first compound or ADC rather that's been approved for a solid tumor and the first ADC that's been approved based on a randomized controlled trial with a full approval and we think this is obviously very exciting for ImmunoGen because it’s an ultimate validation of our approach to ADC.

Looking at Kadcyla which as I said is now launched and being sold in the US, the label was pretty much as expected, so approved to treat HER2 positive metastatic breast cancer and patients who had previously received Herceptin and a taxane; adjuvant setting disease progression on within six months and also in the metastatic setting. The graph to the right basically are some patient numbers from Roche, highlighted there is basically the label and we see about 10% to 12% of that first line patient population being available to the current label. And as I mentioned the approval was really based on efficacy as well as tolerability advantages; significantly improved progression free survival as well as overall survival but yet with a much more favorable tolerability profile and the standard of care at the time take plus the load truly the promise of ImmunoGen’s TAP technology.

Looking at Roche’s development plans, they’ve historically and continue to be very aggressive, a very broad registration program globally and we're expecting to see additional approvals to expand rapidly in different geographies as well as additional indications as they are pursuing this in gastric cancer, HER2 positive, gastric cancer as well.

Certainly, more indications, more opportunity in different metastatic settings in Herceptin and I think the value of Kadcyla in ImmunoGen’s TAP technology is really proven out by the price that Roche has achieved in terms of [$9800] per month, a significant premium to that of Herceptin at $4,500 per month.

So what is it that’s really powering Kadcyla and what exactly is ImmunoGen’s TAP technology? Well, it's really a portfolio of proprietary highly potent cell killing agent and this is actually quite difficult to achieve, an agent that is so potent that it can be attached and delivered into the cell to kill enough of the cancer cell without increasing the adverse event and profile of the molecule. So we have two cell killing agents DM-1 and DM-4 and then that portfolio is enhanced by a series of engineered linkers.

The linkers engineered to achieve specific capabilities both obviously stability while traveling to the plasma, but then to release the precise metabolites that are required to kill the cancer cell. Also ImmunoGen has acquired through it's experience a really unique opportunity in terms of learnings about what makes an appropriate target, what makes an appropriate antibody to access that target and what is the format as a best use to optimize the ADC against a given cancer.

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