Immunogen to Receive $1M Milestone Payment

From Associated Press (November 3, 2011)

WALTHAM, Mass. -- Biopharmaceutical company Immunogen Inc. said Thursday it will receive a $1 million milestone payment, since Amgen Inc. is proceeding with plans to start clinical testing on a potential cancer treatment that uses Immunogen technology.

The Waltham, Mass., company said its Targeted Antibody Payload, or TAP, technology includes a tumor-targeting manufactured antibody with a cancer-killing agent attached. The antibody delivers the agent specifically to tumor cells, where it is released to kill the cells.

Amgen has rights to use Immunogen’s technology under a 2000 agreement between Immunogen and Abgenix, which Amgen acquired in 2006.

Immunogen also said earlier this month that it received a $3 million milestone payment from French drug maker Sanofi for beginning mid-stage testing of a potential drug for a type of blood cancer.

Immunogen shares fell 17 cents to $13.23 in morning trading.

Posted: November 2011