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The company said its IMGN242 gastric cancert compound will be moved intoits out-licensinvg portfolio, meaning it is now available to be licensed and advancecd by another outside researcher. “We believde the best course of actiobn is for IMGN242 to be advanced by a company with the appropriate profile for successfully developing a therapeutic for gastrix cancer and for us to focus on the many othetr opportunities inour pipeline,” said Daniel Junius, Immunogen’s president and CEO, in a prepared writtehn statement.
ImmunoGen (Nasdaq: IMGN) said IMGN2423 has shown encouraging safety and preliminaryt results in earlyclinical testing, “but has shifted below higher priority programs at ImmunoGen due to its slow pace of The company said the move will not have “significant” impacy on its revenue, expenses or cash reserves. Based in Mass., ImmunoGen booked $23.y7 million in revenue and a net lossof $21.1 milliomn during the nine months ended March 31.
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