ImmunoGen, Inc. (IMGN)

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ImmunoGen, Inc. (IMGN)

UBS 2012 Global Life Sciences Conference Call

September 20, 2012 3:00 pm ET


Daniel M. Junius – President and Chief Executive Officer


Matthew Harrison – UBS Securities, LLC


Matthew Harrison – UBS Securities, LLC

Afternoon everyone. Next up we have ImmunoGen presenting and we have the CEO, Dan Junius.

Daniel M. Junius – President and Chief Executive Officer

Matthew, thank you. And thank you to UBS for inviting ImmunoGen to present at the conference. In my comments, I will make some forward-looking statements. I would point you to ImmunoGen’s filings with the Securities and Exchange Commission for risks associated with investments in ImmunoGen.

In talking about the company, we have a position of leadership and what is becoming a very interesting area of antibody drug conjugates. I think what gets most of the attention these days is T-DM1, which is the most advanced compound in the portfolio. It’s a program being advanced by Roche that’s tracking that of Herceptin, Herceptin being about a $6 billion compound worldwide. It’s being developed across the full spectrum of uses in HER2+ cancer that would include metastatic, as well as earlier stage breast cancer and now also in gastric cancer and we’ll talk more about that in a minute or two.

I think that what’s significant of the data that’s been developed with T-DM1 is that it does hold the potential this technology to be transformational in terms of how ADCs can become therapeutics in cancer treatment over time. That was the theme that we heard from many oncologists at ASCO when the most recent T-DM1 data was presented.

What you have is the benefit of a targeted technology that provides as seen with T-DM1, a higher level of efficacy accompanied by a very good level of tolerability, which is uncharacteristic of most applications in oncology. Beyond what we do with Roche, we have partnerships with Sanofi, Bayer, Amgen, Novartis and Lilly. Out of those partnerships, as well as work that we’re doing ourselves, you are seeing an expanding pipeline that’s moving forward in the clinic. We now have 10 clinical stage TAP compounds, three of those wholly-owned by ImmunoGen, as well as numerous earlier stage compounds both our own as well as partners.

In building this, people often think of the technology and focus on the cytotoxin and the linker, but I would also remind people about ImmunoGen expertise and antibodies. We have deep expertise in developing panel antibodies against a variety of targets. I would point to one of the compounds in the clinic with Sanofi is a naked antibody targeting CD38. CD38 becoming an interesting target for non-Hodgkin’s lymphoma and it’s a very good data having and generated around CD38 although we haven’t entered the Sanofi data. But that antibody expertise is very important.

And lastly from a financial standpoint, the company is in very good shape having raised money just in July to add to the $161 million we had on our balance sheet as of the end of our fiscal year in June. So we’re now in a position to very comfortably advance the compounds that we wholly own to proof-of-concept.

Let me talk a little bit more about T-DM1 also known as Trastuzumab emtansine. What you have here is the technology that ImmunoGen has brought forward and that would be around a cell killing agent I note a very potent cell killing agent, the method of linking that cell killing agent to the antibody and actually at the source, the idea of using this technology in combination with Trastuzumab. We approached Genentech with the concept going back into the late 90s.

Genentech, we’re working with their Trastuzumab antibody, and unmodified the same antibody that’s marketed today as Herceptin and we think that the data that’s incorporated in the various studies with T-DM1 demonstrate the transformative potential of our technology.

The most recent data was disclosed at the ASCO Conference back in June, it was featured in a plenary session and it was around a study referred to as the EMILIA study, it was looking at T-DM1 as monotherapy compared to the current therapy for post-Herceptin treatment in metastatic patients that being Tykerb plus Xeloda.

And what that data showed was a meaningful improvement in progression-free survival taking it from 6.4 months in the control arm of Tykerb plus Xeloda to 9.6 months or 50% improvement in progression-free survival, and while the overall survival data was not yet mature, the indication from some of the data suggested a dramatic improvement in survival for patients that had been on study for at least a year, there was a 7.7 percentage point, not 7.7%, but 7.7 percentage point improvement in survival and for patients evaluable after two years almost an 18 percentage point improvement.

We now know post ASCO that that overall survival benefit is statistically significant and we expect to see the data at ESMO in just over a week from now.

Beyond the efficacy, I mean the efficacy is certainly, is extremely important, what you’re finding and what was disclosed at ASCO is a meaningful benefit of tolerability or improvement in tolerability versus the current standard of care. I mean from a starting point it was disclosed that virtually all patients received the full dose of T-DM1 over their course of therapy 99.9% versus lower levels for Tykerb plus Xeloda. At Xeloda it was just over 77% of the projected dose having been received and Grade III or greater adverse events were meaningfully lower with T-DM1 just over 40% versus 57% in the control ARM.

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