ImmunoGen, Inc. (NASDAQ:IMGN) Q3 2019 Earnings Conference Call Transcript

Nov 01, 2019 • 08:00 am ET

Previous

ImmunoGen, Inc. (NASDAQ:IMGN) Q3 2019 Earnings Conference Call Transcript

Share
Close

Loading Event

Loading Transcript

Presentation
Operator
Operator

Good morning, and welcome to ImmunoGen's Third Quarter 2019 Financial and Operating Results Conference Call. Today's conference is being recorded.

At this time, I like to turn the call over to Courtney O'Konek, Senior Director of Corporate Communications and Investor Relations. Please go ahead.

Executive
Courtney O'Konek

Good morning, and thank you for joining today's call. Earlier today we issued a press release that includes a summary of our recent progress and third quarter 2019 financial results. This press release and a recording of this call can be found under the Investors & Media section of our website at immunogen.com.

On the call today are Mark Enyedy, our President and CEO; and Anna Berkenblit, our Chief Medical Officer. Theresa Wingrove, our Senior Vice President of Regulatory Affairs and Quality; and Dave Foster, our Chief Accounting Officer will also join us for Q&A.

During today's call, we will review recent progress, our third quarter financial results and highlight upcoming milestones. During the discussion we will use forward-looking statements, and our actual results may differ materially from such statements. Descriptions of the risks and uncertainties associated with an investment in ImmunoGen are included in our SEC filings.

And with that, I'll turn the call over to Mark.

Executive
Mark J. Enyedy

Thanks, Courtney. Good morning, everyone, and thank you for joining us today. Following the restructuring we announced in late June, we've move forward to execute on the priorities we set for the business and build value for our shareholders. In line with these objectives, during the third quarter we positioned Mirvetuximab to start the next Phase III study by year-end, advanced our early stage portfolio and significantly reduced our operating expenses. We will look to continue this momentum as we exit 2019 and deliver on a number of important milestones in the coming year.

Beginning with Mirvetuximab, we presented full data and exploratory analysis for FORWARD I and ESMO in September. These results provided valuable insights into the patients who benefit most from Mirvetuximab and allow us to proceed with confidence to pursue a new Phase III study, which we call MIRASOL to compare Mirvetuximab head to head with single agent chemotherapy in platinum resistant ovarian cancer patients whose tumors express high levels of folate receptor alpha. We met with FDA to review the design of MIRASOL and anticipate enrolling our first patient by the end of the year.

In parallel, we will continue to advance our combination cohorts with encouraging initial data from the Phase 1B FORWARD II triplet cohort presented at ESMO in September. These data demonstrate that full dose Mirvetuximab can be combined safely with standard dosing for both Avastin and Carboplatin with encouraging antitumor responses that compare favorably to those of other triplets. We also completed enrollment in our second Mirvetuximab plus Avastin cohort in patients with recurrent ovarian cancer, regardless of platinum status in September. We will report longer-term data from the triplet and initial data from the doublet during 2020.

Moving to our earlier stage portfolio, we've continued to make progress with IMGN632,