Bayer's submission of IND for BAY 94-9343 triggers $2M milestone payment to ImmunoGen

ImmunoGen, Inc. (Nasdaq: IMGN), a biotechnology company that develops targeted antibody-based anticancer products using its antibody expertise and Targeted Antibody Payload (TAP) technology, today announced that Bayer HealthCare Pharmaceuticals' submission of an Investigational New Drug (IND) application for the TAP compound, BAY 94-9343, triggers a $2 million milestone payment to ImmunoGen.

BAY 94-9343 is in development by Bayer HealthCare under an agreement with ImmunoGen that grants Bayer HealthCare exclusive rights to use the Company's maytansinoid TAP technology to develop anticancer therapeutics that target mesothelin. Under this agreement, ImmunoGen is entitled to receive milestone payments potentially totaling up to $170.5 million for each resulting product plus royalties on sales.

"BAY 94-9343 is a promising therapeutic for mesothelin-expressing cancers," commented Daniel Junius, ImmunoGen President and CEO. "In addition to BAY 94-9343, we expect five other TAP compounds to advance into clinical testing in next twelve months - two developed and wholly owned by ImmunoGen and three through our collaborations with other companies. Overall, we anticipate that there will be twelve TAP compounds in the clinic by this time next year."

Mesothelin is highly expressed on mesotheliomas and on many ovarian and pancreatic carcinomas. BAY 94-9343 consists of a Bayer HealthCare antibody that targets mesothelin with ImmunoGen's DM4 cancer-cell killing agent attached using one of the Company's engineered linkers. In preclinical testing, BAY 94-9343 demonstrated potent, targeted anticancer activity against mesothelin-expressing tumors.

Source: ImmunoGen, Inc.