ImmunoGen is set to layoff 220 employees and stop some R&D activities. The deep cuts are designed to make ImmunoGen’s $240 million cash pile last past the delivery of phase 3 mirvetuximab data in the first half of 2022.
In recent months, ImmunoGen has been rocked by the failure of anti-FRα antibody-drug conjugate (ADC) mirvetuximab in platinum-resistant ovarian cancer and the FDA’s unwillingness to approve the asset on the strength of existing data. The setbacks forced ImmunoGen to reconsider its spending plans, which originally called for it to run its cash reserves down to $140 million by the end of the year.
Now, ImmunoGen has revealed how it plans to make its money last longer. ImmunoGen is set to get rid of around 220 employees, most of whom will leave the company by the middle of next month.
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