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IMMUNOGEN ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 1993 RESULTS

 CAMBRIDGE, Mass., Aug. 26 /PRNewswire/ -- ImmunoGen, Inc. (NASDAQ: IMGN) today reported a net loss of $5.3 million, or 50 cents per share, for the fourth quarter of fiscal year 1993 as compared to the loss of $4.3 million, or 40 cents per share, recorded during the same period last year. Revenues were $229,000 as compared to $732,000 during the same period of fiscal 1992. Operating expenses were $5.5 million for the fourth quarter, compared to $5.0 million in the fourth quarter last year.
 For fiscal year 1993, the company reported revenues of $1.7 million as compared to $2.8 million during fiscal 1992. Revenues were lower in 1993 due to declining cash balances on invested assets. Cash balances decreased due to the funding of operations and also due to the company's approximately $7.4 million investment in its new facility, in Canton, Mass. The loss for fiscal 1993 was $18.7 million, or $1.76 per share, as compared to $15.3 million, or $1.58 per share, for 1992. Research and development expenses, the bulk of operating costs, increased in 1993 to $17.1 million, from $16.1 million in 1992. This increase resulted primarily from additional staffing in Medical Affairs and costs associated with the initiation of Phase III clinical trials of the company's lead product, Oncolysin(R) B. General and administrative expenses increased to $3.1 million from $1.9 million in 1992, due to the expansion of management and to costs associated with the formation of the company's new subsidiary, Apoptosis Technology, Inc., in January.
 "ImmunoGen has made tremendous strides forward in the past year," states Donald J. McCarren, president and chief operating officer. "Our lead product, Oncolysin B, is now in Phase III clinical trials. With the start of human testing this summer of Oncolysin CD6, we now have brought four products into the clinic in five years. We are continuing to manage our growth carefully, emphasizing the build-up of areas most critical for product commercialization and profitability."
 McCarren adds that "We also have increased our manufacturing capabilities significantly over the past year with the completion of our new Canton facility, which can produce monoclonal antibody at commercial scale. This gives ImmunoGen complete control over the manufacture of these important raw materials. We also will use the Canton facility to produce our next generation of products, which are currently in preclinical development for long-term cancer maintenance treatment and for the treatment of solid tumors."
 ImmunoGen, Inc. develops innovative therapeutics for the treatment of cancer and immune-mediated diseases. The company produces proprietary toxins and drugs conjugated to highly specific targeting agents which search out and destroy cancer cells.
 IMMUNOGEN, INC.
 Selected Financial Information
 Fourth Quarter and Fiscal Year Ended June 30,1993
 (In Thousands, Except Per Share Amounts)
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (audited)
 6/30/93 6/30/92
 Assets:
 Cash and marketable securities $34,421 $57,551
 Other current assets 649 437
 Property & equipment, net 10,912 3,983
 Other assets 476 65
 Total assets 46,458 62,036
 Liabilities & Stockholders' Equity:
 Current liabilities $4,706 $2,405
 Capital lease obligations 1,212 551
 Stockholders' equity 40,540 59,080
 Total liabilities &
 stockholders' equity 46,458 62,036
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Year Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenues $229 $732 $1,658 $2,770
 Expenses:
 Research & development 4,631 4,406 17,067 16,125
 General & administrative 867 565 3,142 1,874
 Interest 15 18 65 75
 Total expenses 5,513 4,989 20,274 18,074
 Loss before income taxes(5,284) (4,257) (18,616) (15,304)
 Income tax expense 0 1 18 39
 Net loss (5,284) (4,258) (18,634) (15,343)
 Loss per common
 share (50 cents) (40 cents) (1.76) (1.58)
 Weighted avg. number
 of shares
 outstanding 10,655,662 10,564,244 10,617,109 9,702,988
 ----
 Certain reclassifications have been made to the prior year financial statements to conform to the current presentation.
 -0- 8/26/93
 /CONTACT: Mark Ratner director of external communications for ImmunoGen, 617-661-9312/
 (IMGN)


CO: ImmunoGen, Inc. ST: Massachusetts IN: MTC SU: ERN

CM-JL -- NE001 -- 6000 08/26/93 08:28 EDT
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Date:Aug 26, 1993
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