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ImmunoGen, Inc. (IMGN)
Q4 2017 Earnings Conference Call
February 09, 2018, 08:00 AM ET
Sarah Kiely - Director, IR
Mark Enyedy - CEO
Anna Berkenblit - Chief Medical Officer
Dave Johnston - CFO
Rich Gregory - Chief Scientific Officer
Michael Schmidt - Leerink
Debjit Chattopadhyay - H.C. Wainwright
Kennen MacKay - RBC
Boris Peaker - Cowen
Jessica Fye - JPMorgan
Andy Hsieh - William Blair
Biren Amin - Jefferies
Good day and welcome everyone to the ImmunoGen Fourth Quarter 2017 and Yearend Results Conference Call. Today’s call is being recorded.
Previous Statements by IMGN
» Immunogen's (IMGN) CEO Mark Enyedy on Q3 2017 Results - Earnings Call Transcript
» ImmunoGen's (IMGN) CEO Mark Enyedy on Q2 2017 Results - Earnings Call Transcript
» ImmunoGen's (IMGN) CEO Mark Enyedy on Q1 2017 Results - Earnings Call Transcript
Good morning. And thank you. 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 and 2017 operating results. This press release and a recording of the call can be found under the Investors section of our website at immunogen.com.
On the call today are our CEO, Mark Enyedy, our Chief Medical Officer, Anna Berkenblit; and our CFO, Dave Johnston. Rich Gregory, our Chief Scientific Officer will join the team for the Q&A session.
During today’s call, we will highlight key accomplishments from 2017, provide an update on our development programs, including our lead asset, mirvetuximab soravtansine, review key 2017 financial results and our guidance for 2018 and outline anticipated events for the year ahead.
During the discussion, we will use forward-looking statements and 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.
With that, I will now turn the call over to Mark.
Thank you, Sarah. Good morning, everyone and thank you for joining us today.
We're pleased to be with you to review the progress we made with the business in 2017 and why we look forward to another productive year in 2018. Our efforts at ImmunoGen start with a focus commitment with four strategic priorities.
First, complete the development and launch mirvetuximab for the treatment of women with ovarian cancer by 2020. Second, accelerate our pipeline of novel IGN programs. Third, build on our leadership position in ADCs through continued innovation. And fourth, expand the reach of our innovation and maintain financial strength through partnering.
Throughout 2017 we made significant progress towards each of these priorities with four consecutive quarters of strong execution across the company. Operationally, we advanced our FORWARD I Phase 3 study of mirvetuximab in platinum-resistant ovarian cancer.
Since enrolling the first patient at the end of January 2017, we've activated more than 100 sites in FORWARD I and are on track to complete enrollment before the end of June, which means we will have fully accrued 333 patients in roughly 17 months.
At ASCO in 2017, we presented a pooled analysis of 113 patient supporting our registration strategy for mirvetuximab as monotherapy in platinum resistant disease. In addition to support the expanded benefit of mirvetuximab in earlier lines of therapy, we also presented data from the dose escalation stage of our FORWARD 2 trial evaluating multiple combination regimen including mirvetuximab with Avastin, Keytruda and carboplatin.
These data demonstrated that full doses of mirvetuximab could be combined with full doses of these agents with no new safety signals and encouraging efficacy outcomes. Taken together, these data have generated a high degree of interest from investigators, which have supported the rapid accrual FORWARD 1 and enabled us to initiate expansion cohort IN FORWARD 2 with mirvetuximab plus Avastin and mirvetuximab plus Keytruda in platinum-resistant patients.
In addition, this quarter we've started a triplet combination with mirvetuximab plus carboplatin and Avastin in the platinum sensitive setting.
Moving to our earlier stage portfolio, we accelerated the clinical development of two novel ADCs 779 and 632 that integrate our proprietary DNA alkylating payloads, which we call IGN. 779 and 632 are supported by our strategic collaboration with Jazz Pharmaceuticals, which we established in August.
This partnership generates substantial funding to advance these programs at scale, offers access to global development and commercial capabilities and for the first time, provides ImmunoGen with substantial commercialization rights for a partners program.
With the progress made in both programs in 2017, the collaboration is off to a strong start. As part of those efforts at ASH in December, we reported safety data and antileukemia activity from the dose escalation stage of our Phase 1 clinical trial 779 in patients with acute myeloid leukemia or AML.
Last month, we began dosing patients in our first Phase 1 clinical trial 632 in patients with AML as well as patients with a rare and aggressive blood cancer referred to as BPDCN. Anna will go into more detail on each of these studies in a moment.
Financially, we added more than $235 million to the balance sheet in 2017, a $135 million came through business development activities and $100 million through our successful follow-on offering. In addition, we converted almost $100 million of debt into equity reducing our outstanding debt to around $2 million.
These efforts have significantly strengthened our financial position with almost $270 million in cash and very little debt on the balance sheet as of the end of the year.
With the momentum we generated in the last 12 months, we enter 2018 from a position of strength with a number of important catalysts expected during the year. We are on track to conduct the FORWARD 1 interim analysis in the first quarter, which as a reminder, for futility only.