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IMMUNOGEN ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS

 CAMBRIDGE, Mass. Feb. 10, /PRNewswire/ -- ImmunoGen, Inc. (NASDAQ: IMGN) reported today a net loss of $5 million, or $0.47 per share, for the second quarter of fiscal year 1993, as compared to the loss of $3.1 million, or $0.33 per share, during the same period last year. For the six months ended Dec. 31, the company's net loss was $8.8 million, or $0.83 per share, as compared to last year's loss of $6.9 million or $0.77 per share, in the period.
 Revenues were $466,000 for the quarter, as compared to $679,000 during the same period last year, and $993,000, as compared to $1,298,000, for the six-month period. Revenues consisted almost exclusively of interest income on invested cash, less in fiscal 1993 due to declining interest rates and lower balances. Operating expenses amounted to $5.4 million in the second quarter, compared to $3.7 million in the same quarter of fiscal 1992. For the six-month period ended Dec. 31, operating expenses were $9.7 million, compared to $7.1 million in the same period in the prior year. Research and development expenses, the bulk of total operating costs, increased 41 percent in the quarter and 16 percent in the six months ended Dec. 31 over the same periods in the prior year. These increases were due in part to costs associated with clinical development; in particular, increased staffing in support of medical affairs in preparation for Phase III clinical trials. The larger quarterly increase was due to the timing of purchases of raw materials for production. General and administrative expenses increased 78 percent in the quarter and 50 percent in the recently ended six-month period, due largely to increased staffing in management and business development functions.
 "Results for the quarter and for the last six months reflect an increase in costs necessary for commercialization and for the preparation of Phase III clinical trials of our lead product, Oncolysin(R) B," states Chairman and Chief Executive Officer, Mitchel Sayare. "They are in line with expectations and, with almost $48 million in cash and equivalents, our financial position is strong. He adds that "During the quarter, our small-drug immunoconjugate program has identified several product candidates for near-term clinical evaluation." ImmunoGen and its collaborators filed a patent application on a novel technique, called resurfacing, for the humanization of antibodies used in its small-drug immunoconjugates. The company also received a Notice of Allowance of a U.S. patent on use of maytansinoids (small-molecule drugs) in immunoconjugates. "We are pleased to be pursuing development on all these fronts," notes Sayare, "while maintaining tight control over expenditures."
 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's first- generation products, the Oncolysins, are designed for use as post- remission consolidation therapy. The company's small-drug immunoconjugates are intended for use as tumor debulking agents.
 IMMUNOGEN, INC.
 Selected Financial Information
 (In thousands, except per share amounts)
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (unaudited)
 Dec. 31, June 30,
 1992 1992
 Assets:
 Cash and marketable securities $47,262 $57,551
 Other current assets 510 437
 Property & equipment, net 5,283 3,983
 Other assets 136 65
 Total assets $53,191 $62,036
 Liabilities & Stockholders' Equity:
 Current liabilities $ 2,327 $ 2,405
 Capital lease obligations 498 551
 Stockholders' equity 50,366 59,080
 Total liabilities &
 stockholders' equity $53,191 $62,036
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Six Months Ended
 Dec. 31 Dec. 31
 1992 1991 1992 1991
 Revenues $466 $679 $ 993 $ 1,298
 Expenses:
 Research & development 4,567 3,232 8,265 7,118
 General & administrative 848 478 1,437 961
 Interest 17 19 34 39
 Total expenses 5,432 3,729 9,736 8,118
 Loss before income taxes(4,966) (3,050) (8,743) (6,820)
 Income tax expense 7 18 12 28
 Net loss $(4,973) $(3,068) $(8,755) $(6,848)
 Loss per common share (47 cents) (33 cents) (83 cents) (77 cents)
 Weighted avg. number of
 shares outstanding 10,606,823 9,199,113 10,600,821 8,853,242
 ----
 NOTE: Certain reclassifications have been made to the prior year financial statements to conform to the 1992 presentation.
 -0- 2/9/93
 /CONTACT: Mark Ratner of ImmunoGen, 617-661-9312/
 (IMGN)


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

CH -- NE007 -- 4990 02/10/93 08:31 EST
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Date:Feb 10, 1993
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