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IMMUNOGEN ANNOUNCES FIRST QUARTER FISCAL YEAR 1993 RESULTS

 IMMUNOGEN ANNOUNCES FIRST QUARTER FISCAL YEAR 1993 RESULTS
 CAMBRIDGE, Mass., Oct. 29 /PRNewswire/ -- ImmunoGen, Inc. (NASDAQ: IMGN) today reported a net loss of $3.8 million, or 36 cents per share, for the first quarter of fiscal year 1993, as compared to an equivalent loss of $3.8 million, or 44 cents per share, during the same period last year. Revenues were $527,000 for the quarter, compared to $619,000 during the same period in fiscal year 1992. Revenues in both years consisted primarily of interest income, less this year because of lower interest rates. As anticipated, general and administrative expenses increased due to increased staffing in management and business development, although operating expenses for the first quarter of fiscal year 1993 were maintained at the previous year's level of $4.3 million.
 "Our first quarter results reflect ImmunoGen's commitment to commercialize our products using available resources," states Mitchel Sayare, chairman and chief executive officer. "We have almost $53 million cash on hand at the end of the quarter, and we are continuing to invest in clinical research and product development. At the same time, we are enlarging our business development activities to explore opportunities to leverage the value of our technology and expand our future resource base."
 During the quarter, Donald J. McCarren, Ph.D., joined ImmunoGen as president and chief operating officer. "Don will develop our marketing and sales effort as we commercialize our products," Sayare adds. "ImmunoGen also may seek to in-license existing products complementary to our own; namely, those directed to the needs of cancer patients." Also during the quarter, the company named Dixie Esseltine, M.D., F.R.C.P.(C), to the newly created position of Director of Oncology. "We currently have three anti-cancer products in human clinical trials," notes Sayare, "including 13 ongoing clinical trials of our lead compound, Oncolysin B. We are pleased to have Dr. Esseltine join ImmunoGen to help in the direction and expansion of our clinical trial activity." Multicenter, Phase III trials of Oncolysin B soon will begin in the treatment of B-cell lymphoma subsequent to autologous bone marrow transplantation.
 ImmunoGen, Inc. develops innovative therapeutics for the treatment of cancer and immune-mediated diseases. The company produces proprietary toxins conjugated to highly specific targeting agents which search out and destroy cancer cells. The company's first-generation products, the Oncolysins(R), are each comprised of a highly specific monoclonal antibody linked to blocked ricin, a proprietary derivative of the powerful plant toxin, ricin.
 IMMUNOGEN, INC.
 Selected Financial Information
 First Quarter Ended Sept. 30, 1992
 (In Thousands, Except Per Share Amounts)
 (Unaudited)
 Condensed Consolidated Balance Sheets
 9/30/92 6/30/92
 Assets:
 Cash and marketable securities $52,930 $57,551
 Other current assets 430 437
 Property & equipment, net 4,169 3,983
 Other assets 99 65
 Total assets 57,628 62,036
 Liabilities & Stockholders' Equity:
 Current liabilities $1,768 $2,405
 Capital lease obligations 525 551
 Stockholders' equity 55,335 59,080
 Total liabilities &
 stockholders' equity 57,628 62,036
 Condensed Consolidated Statements Of Operations
 Three Months Ended
 9/30/92 9/30/91(a)
 Revenues $527 $619
 Expenses:
 Research & development 3,698 3,886
 General & administrative 589 483
 Interest 17 20
 Total expenses 4,304 4,389
 Loss before income taxes (3,777) (3,770)
 Income tax expense 4 10
 Net loss (3,781) (3,780)
 Loss per common share (36 cents) (44 cents)
 Weighted avg. number of
 shares outstanding 10,594,632 8,507,371
 ----
 NOTE: (a) Certain items have been restated to conform to current year's presentation.
 -0- 10/29/92
 /CONTACT: Mark Ratner of ImmunoGen, 617-661-9312/
 (IMGN) CO: ImmunoGen, Inc. ST: Massachusetts IN: MTC SU: ERN


CH-TM -- NE003 -- 6398 10/29/92 08:42 EST
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Date:Oct 29, 1992
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