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IMMUNOGEN ANNOUNCES SECOND QUARTER FISCAL YEAR 1992 RESULTS

 IMMUNOGEN ANNOUNCES SECOND QUARTER FISCAL YEAR 1992 RESULTS
 CAMBRIDGE, Mass., Jan. 23 /PRNewswire/ -- ImmunoGen, Inc. (NASDAQ: IMGN) today reported a net loss of $3.1 million or 33 cents per share for the second quarter of fiscal year 1992, as compared to the loss of $2.8 million or 45 cents per share recorded during the same period last year. Revenues were $679,000, as compared to $186,000 during the same period last year. Operating expenses were $3.7 million for the second quarter, compared to $3.0 million in the second quarter of fiscal 1991. During the quarter, ImmunoGen raised over $32 million in a public offering of 2,046,000 shares of common stock.
 "We are pleased by the second quarter results," stated Mitchel Sayare, president and CEO. "We continue to manage our resources carefully as we commercialize the Oncolysin(R) portfolio of products. Our production facility is supplying all of our product needs, and our researchers continue to develop new antibodies and other targeting agents for use in immunoconjugates for the treatment of solid tumors." Sayare noted that "The increase in R&D expenses for the quarter reflects an expansion of clinical trials and the hiring of new employees in research and development and in manufacturing. Revenues increased as a result of the interest earned on the proceeds of public stock offerings.
 "Clinical trials with the first three Oncolysin products are moving forward as anticipated," added Sayare. "In addition, because of observations made by our investigators during these studies, we plan to expand the use of Oncolysin B and Oncolysin S to treat patients in first remission, following conventional chemotherapy. Randomized, controlled Phase III clinical trials of Oncolysin B in this setting will begin shortly, to be followed by similar Phase III trials using Oncolysin S."
 Other highlights of the second quarter included the first presentation by independent investigators of clinical data on Oncolysin B, at the annual meeting of the American Society of Hematology, and the publication by ImmunoGen researchers of a seminal article on the company's enabling "blocked ricin" technology in a leading scientific journal.
 ImmunoGen, Inc. is a Cambridge, Mass.-based biotechnology company that develops biopharmaceuticals, primarily for the treatment of cancer. The company produces proprietary toxins, drugs and biologicals conjugated to highly specific monoclonal antibodies which search out and destroy cancer cells. Each of ImmunoGen's first four products -- the Oncolysin portfolio of immunoconjugates -- consists of a highly specific monoclonal antibody linked to blocked ricin, a derivative of a powerful plant toxin. ImmunoGen currently has three Oncolysin products in human clinical trials in the United States, Canada and Europe.
 ImmunoGen, Inc.
 Selected Financial Information
 Second Quarter Ended Dec. 31, 1991
 (in thousands, except per share data)
 Condensed Consolidated Statements of Operations
 Three Months Ended Six Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenues $679 $186 $1,298 $2,528(a)
 Expenses:
 Research and
 development 3,285 2,690 7,214 4,795
 General and
 administrative 425 322 865 647
 Interest 19 21 39 43
 Total expenses 3,729 3,033 8,118 5,485
 Loss before
 income taxes (3,050) (2,847) (6,820) (2,957)
 Income tax expense 18 2 28 59
 Net loss $(3,068) $(2,849) $(6,848) $(3,016)
 Loss per
 common share (33 cents) (45 cents) (77 cents) (48 cents)
 Weighted average
 number of shares
 outstanding 9,199,113 6,340,106 8,853,242 6,337,784
 -----
 (a)Includes $2.1 million initial license fee paid to ImmunoGen, Inc.
 Condensed Consolidated Balance Sheets
 (unaudited)
 12/31/91 12/31/90
 Assets
 Cash and marketable securities $66,735 $8,085
 Other current assets 238 64
 Property and equipment, net 3,057 3,478
 Other assets 77 39
 Total assets $70,107 $11,666
 Liabilities and stockholder's equity
 Current liabilities $1,923 $1,762
 Capital lease obligations 601 692
 Stockholders' equity 67,583 9,212
 Total liabilities and
 stockholders' equity $70,107 $11,666
 -0- 1/23/92
 /CONTACT: Mark Ratner of ImmunoGen, Inc., 617-661-9312/
 (IMGN) CO: ImmunoGen, Inc. ST: Massachusetts IN: MTC SU: ERN


DD-TM -- NE001 -- 2610 01/23/92 08:29 EST
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Date:Jan 23, 1992
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