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ImmunoGen, Inc. (IMGN)

Q2 2017 Earnings Conference Call

February 17, 2017, 08:00 AM ET

Executives

Sarah Kiely - Manager, IR & Corporate Communications

Mark Enyedy - President & CEO

Dave Johnston - CFO

Anna Berkenblit - Chief Medical Officer

Richard Gregory - Executive Vice President and Chief Scientific Officer

Analysts

Biren Amin - Jefferies

John Newman - Canaccord

Cyrus Amoozegar - Morgan Stanley

Jessica Fye - JPMorgan

Boris Peaker - Cowen

Presentation

Operator

Good day. And welcome everyone to the ImmunoGen December 31, 2016 Financial Results and Operating Conference Call. Today's call is being recorded. At this time for introduction I would turn the call over to Sarah Kiely, Investor Relations and Corporate Communications. Please go ahead, ma'am.

Sarah Kiely

Good morning and thank you for joining today's call. Earlier today we issued a press release that includes a summary of our recent progress, our financial results for the period ended December 31st, 2016 and our financial guidance for 2017. You can find this press release on our website, immunogen.com. On the call today has accompanying slides which can also be found our website under the Investor section.

On our call today are CEO, Mark Enyedy, who will ImmunoGen's recent highlights and upcoming anticipated events, and our CFO, Dave Johnston will discuss our financial results and guidance.

We will then open the call to questions, and Anna Berkenblit, ImmunoGen's Chief Medical Officer and Rich Gregory, ImmunoGen's Chief Scientific Officer will join Mark and Dave for this portion of the call.

Looking at slide two, during today's call, we may be making forward-looking statements. Our actual results may differ materially from such statements. Descriptions of the risks and uncertainties associated with an investment in ImmunoGen are included in our SEC filings which can also be accessed through our website.

With that, I'll now turn the call over to Mark.

Mark Enyedy

Thanks, Sarah. And good morning, everyone. We're pleased to be with you today to review the progress we made during the second half of 2016 and how we build on that momentum in 2017. We'll also discuss our financial and operating results for the six months period in the quarter ended December 31.

Looking back at 2016, we took a number of important steps during the second half of the year, strengthen the business and positioned us to deliver on significant clinical milestones this year.

These steps included developing a new and simplified strategy for the company and completing the comprehensive review of our operations to ensure that we execute efficiently across the business and most effectively manage our cash.

Turning to slide four, just to briefly review our strategy. Our goal is to build a fully integrated biotech company that sustainably delivers innovative ADC therapies to cancer patients around the globe.

To achieve this goal, we are focused on four strategic objectives. First, as some of you will have heard me saying, ImmunoGen is been a business for 35 years and it’s time for us to a product on the market. So our number one priority is to complete the development and obtain approval from mirvetuximab in ovarian cancer by 2020.

Second, we will accelerate the development of our early-stage portfolio with an emphasis on our IGN programs. With a potentially broad therapeutic index we believe we can markedly increase the number of cancers addressable by ADC therapies with this technology.

Third, building on our leadership position in ADCs. We will continue to drive innovation in this space to unmatched depth and breadth of expertise in new payloads, linkers and methods of conjugation.

And finally, we will continue to lever our platform to support our existing relationships and pursue new collaborations that would generate revenue, mitigate expenses, enhance our capabilities and expand the reach of our innovation.

Moving to slide five. Over the last six months we made substantial progress toward these priorities. First, we positioned mirvetuximab for pivotal development with compelling data from our Phase 1 expansion cohort, which we recently published in JPL, positive meeting with FDA and EMA supporting the design for our Phase 3 FORWARD I trial, which will allow for full approval with a single study, pursuing combinations to expand the potential market for mirvetuximab and most importantly activating multiple sites in dosing the first patient in FORWARD I.

We also advanced our early-stage portfolio by enrolling patients in the Phase 1 study of 779 with our new DNA alkylating payload and AML and delivering an oral presentation at ASH, demonstrating a differentiated profile with our alkylater platform using IMGN632 in comparison to crosslink agents in hematologic malignancies.

Our partners also continue to make this progress, including most recently, Sanofi advancing isatuximab for CD38 targeting antibody into a Phase 3 clinical trial in combination with pomalidomide and dexamethasone in multiple myeloma and Novartis dosing the first patient with HKT288 in Phase 1 study in ovarian cancer and renal cell carcinoma.

And finally, we restructured our operations to strengthen the business and reduced our burn rate. So 2016 was a very productive year and look forward to further progress in 2017.

So moving to slide six. Looking ahead, we expect a data rich year in 2017 with several key readouts from our proprietary pipeline, as well as advancements in the programs of our partners. These milestones include presenting an expanded Phase 1 data from the biopsy cohort from mirvetuximab at SGO March.

As a reminder, these data look at FR alpha expression levels in archival tumor tissues compared to fresh biopsy. The data we will present support our patients screening strategy FORWARD I.

Read the rest of this transcript for free on seekingalpha.com