ImmunoGen, Inc. (IMGN)

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ImmunoGen, Inc. (IMGN)

Morgan Stanley Global Healthcare Conference

September 11, 2013 9:10 AM ET


Dan Junius – President, Chief Executive Officer


Yigal Nochomovitz – Morgan Stanley


Yigal Nochomovitz – Morgan Stanley

I think we’re ready to start. Thanks for coming, everyone. My name is Yigal Nochomovitz, biotech analyst at Morgan Stanley. I’m very pleased to have with me his morning the CEO of ImmunoGen, Dan Junius. This is meant to be an interactive session, so there are microphones circulating around the room and I encourage you to raise your hand and ask questions at any point during the conversation. So Dan, welcome.

Dan Junius

Thank you.

Yigal Nochomovitz – Morgan Stanley

Happy to have you here. Maybe at a high level, give us an overview of ImmunoGen programs, both proprietary as well as some of the partner programs for those investors that are less familiar with the story.

Dan Junius

Sure, be happy to. Well, thank you to Morgan Stanley for inviting ImmunoGen to participate this year. I’m very happy to be here.

Maybe to start, just to characterize the company, the company is what we believe is the leader in the ADC – the antibody drug conjugate space. We’ve been developing this technology for quite some time. We have a depth of understanding of all of the important components – the cell-killing agent, the linker, the antibody, the target, the characterization of the target – so we think we bring a lot of expertise into what is becoming a very prominent technology in oncology.

We would characterize ourselves as in one sense development stage, given that our proprietary programs are all in development, the most advanced being in Phase II; but I guess we can lay some claim to being a commercial company as well since the most advanced partner program was approved by the FDA for use in the U.S. earlier this year in February, and I’ll come back to that.

But across the pipeline today, we have, I’ll say, 12 compounds in the clinic. A little bit of an asterisk in that one has been—is an IND that’s been approved but we’ve not yet dosed our first patient, but I’ll take some license and count that as one of the 12. Four of the 12 are proprietary, eight are through partners, and briefly I’ll walk through both. So if we start with the proprietary pipeline, we have four compounds across a range of indications. The most advanced is what we call IMGN901, which is in a Phase II study today for first line small cell lung cancer. The target for this, CD56, is also found on a variety of other cancer types, but at the moment we’re concentrating on small cell as the pathway to registration. We should complete enrollment in this Phase II – and I’m sure we’ll come back and talk about it a little bit more – but we should complete enrollment sometime really within the next several weeks, which should allow us to have data to make some later stage decisions by the middle of 2014.

There’s a second program that we have, is IMGN853. This targets the folate receptor alpha. This is a target that’s over-expressed on a variety of cancers, the most prominent being ovarian but also on adenocarcinoma non-small cell lung cancer as well as endometrial cancer. This is in a Phase I dose escalation study. We’re working there to determine the dose. Once we have the dose, we’ve identified some cohorts that we’ll pursue further that will be disease-specific. We should have the dose identified in the next several months and again should be deep into those expansion cohorts with data sometime around the middle of next year as well.

The third compound for solid tumors is one that we are about to dose our first patient, and that will be before the end of this year. It’s a compound, IMGN289. This we and others find quite interesting because it follows an established pathway in that the target is EGFR. EGFR is attractive and certainly well validated as a target. It happens to be in ErbB-2 family, which similar to Herceptin targeting HER2 or ErbB-2—so it’s ErbB family, not ErbB-2 family, but ErbB family. So we have that as a similarity, and it’s a construct that’s very similar certainly in terms of linker and cytotoxin. It’s identical to what’s used in the approved product use in our technology, Kadcyla. The preclinical data looks very attractive. It’s an active antibody, so we have the opportunity for two mechanisms of action in cell-killing, both from the antibody itself as well as from the cytotoxin that we attach through our technology.

And then the last clinical program is one that’s hematologic – IMGN529. This targets CD37 – again, a construct similar to Kadcyla, same linker, same cytotoxin. Again, an active antibody – it’s an antibody that preclinically showed itself to be more active than Rituxan and then by adding the ADC technology we enhance the overall potency of the compound.

A fundamental feature of this technology is as a targeted chemotherapeutic, the intent is to be able to deliver a potent agent to a cancer cell, impact and kill the cancer cell while minimizing impact on healthy tissue. So as a contrast to traditional chemotherapeutics, it doesn’t have the systemic toxicity that you see with traditional chemotherapeutics. I think that was demonstrated in a very profound fashion and continues to be as we see data from the compound Kadcyla, formerly known as T-DM1, where in all of the studies that have been reported thus far, those that are comparing T-DM1 versus—whether it was against Tykerb, whether it was against Herceptin plus a taxane, has shown with the data generally about a 50% improvement in PFS with a marked reduction in toxicity to patients, so that’s made it a compound of significant interest. Data that was generated and presented at ASCO a year ago from a study looking at patients in second line metastatic breast cancer who had failed in earlier Herceptin therapy showed a significant improvement in PFS, an improvement in overall survival that resulted in the submission and ultimate approval of Kadcyla.

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