Immunogen Shares Rise On Breast Cancer Drug Plans
From Associated Press (April 15, 2010)
NEW YORK -- Shares of Immunogen Inc. rose Thursday after the company’s partner Roche said it plans to ask for regulatory approval of Trastuzumab-DM1 as a breast cancer treatment in 2010.
The stock rose 36 cents, or 3.9 percent, to $9.60 in morning trading. Shares have traded between $6.25 and $10.13 over the last 52 weeks.
Immunogen, based in Waltham, Mass., makes the DM1 cancer-cell killing agent that is part of the drug candidate. Roche is planning on asking for accelerated approval of the drug as a third-line treatment for metastatic breast cancer.
Lazard Capital Markets analyst Joel Sendek reaffirmed a "Hold" rating on the stock and said approval is possible in 2010.
"The Phase 2 data of Trastuzumab-DM1 as third-line mBC (breast cancer) therapy are very promising given the lack of therapeutic options, and we believe that the Food and Drug Administration will view the results as compelling as well despite the fact that the trial is not randomized," Sendek said, in a note to investors.
He expects a regulatory filing in June, with the potential for a six-month review process. Approval may still be delayed if the FDA wants a late-stage, or Phase 3 clinical trial.
Posted: April 2010