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IMMUNOGEN ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 1992 RESULTS

 IMMUNOGEN ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 1992 RESULTS
 CAMBRIDGE, Mass., Aug. 20 /PRNewswire/ -- ImmunoGen, Inc. (NASDAQ: IMGN) today reported a net loss of $4.3 million, or 40 cents per share, for the fourth quarter of fiscal year 1992 as compared to the loss of $2.9 million, or 34 cents per share, recorded during the same period last year. Revenues were $732,000 as compared to $665,000 during the same period of fiscal 1991. Operating expenses were $5.0 million for the fourth quarter, compared to $3.5 million in the fourth quarter last year. Expenses increased in 1992 primarily because of expansion of clinical activities and manufacturing.
 For fiscal year 1992, the company reported revenues of $2.8 million as compared to $3.4 million during fiscal 1991. The loss for fiscal 1992 was $15.3 million, or $1.58 per share, as compared to $8.8 million, or $1.28 per share, for last year. Revenues in 1991 were higher due to a $2.1 million initial license fee paid to ImmunoGen by Roussel Uclaf, the company's partner for the development of its lead compound Oncolysin(R) B, in Europe.
 "Clinical progress in the past year has brought ImmunoGen closer to commercialization," states chairman and chief executive officer, Mitchel Sayare. "Early studies with Oncolysin B, our first product, have shown that the drug may have great utility as post-remission consolidation therapy in lymphoma patients -- to extend their disease-free survival following conventional therapy." Two other ImmunoGen products also are in clinical trials: Oncolysin S, for the treatment of small-cell lung cancer, and Oncolysin M, for the treatment of myelogenous lukeumias. The company also filed an application with the Food and Drug Administration this year to begin clinical testing of Oncolysin CD6, its fourth product, for the treatment of acute kidney transplant rejection and T-cell malignancies.
 "To continue the company's drive to the market required additional hiring and expansion of our manufacturing capabilities," Sayare observes. In 1992, the company completed a 17,000 square-foot expansion of its manufacturing facility in Norwood, Mass., and leased a 31,000 square-foot facility in Canton, Mass., for the in-house production of monoclonal antibodies. ImmunoGen also recently appointed Donald J. McCarren as president/chief operating officer. "We are continuing to maintain control over expenses as we implement our strategic plan," Sayare notes. "As a result, we are as strong financially as at any time in our history." ImmunoGen had $58 million in cash and marketable securities at the end of fiscal 1992.
 ImmunoGen, Inc. develops innovative therapeutics for the treatment of cancer and immune-mediated disease. The company produces proprietary toxins conjugated to highly specific monoclonal antibodies which search out and destroy cancer cells.
 IMMUNOGEN, INC.
 Selected Financial Information
 Fourth Quarter and Fiscal Year Ended June 30, 1992
 (In Thousands, Except Per Share Amounts)
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Year Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenues $732 $665 $2,770 $3,368(a)
 Expenses:
 Research & development 4,406 3,044 16,125 10,587
 General & administrative 565 479 1,874 1,441
 Interest 18 21 75 85
 Total expenses 4,989 3,544 18,074 12,113
 Loss before income taxes(4,257) (2,879) (15,304) (8,745)
 Income tax expense 1 8 40 69
 Net loss (4,258) (2,887) (15,344) (8,814)
 Loss per common share(40 cents) (34 cents) (1.58) (1.28)
 Weighted avg. number of
 shares outstanding 10,564,244 8,459,425 9,702,988 6,882,852
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Audited)
 6/30/92 6/30/91
 Assets:
 Cash and marketable securities $57,551 $41,016
 Other current assets 437 209
 Property & equipment, net 3,983 3,108
 Other assets 65 89
 Total assets 62,036 44,422
 Liabilities & Stockholders' Equity:
 Current liabilities $2,405 $1,786
 Capital lease obligation 551 648
 Stockholders' equity 59,080 41,988
 Total liabilities &
 stockholders' equity $62,036 $44,422
 ----
 NOTE: (a) Includes $2.1 million initial license fee paid to ImmunoGen, Inc.
 -0- 8/20/92
 /CONTACT: Mark Ratner of ImmunoGen, 617-661-9312/
 (IMGN) CO: ImmunoGen, Inc. ST: Massachusetts IN: MTC SU: ERN


CH -- NE001 -- 1582 08/20/92 08:44 EDT
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Date:Aug 20, 1992
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