EXHIBIT 99.1
IMMUNOGEN, INC.
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128 Sidney Street, Cambridge, MA 02139-4239
TEL: (617) 995-2500 FAX: (617) 995-2510
CONTACTS:
Carol Hausner (Investors) Pete Holmberg (Media)
Senior Director, Investor Relations and Rx Communications Group, LLC
Corporate Communications Tel: (917) 501-7434
Tel: (617) 995-2500 pholmberg@rxir.com
info@immunogen.com
FOR IMMEDIATE RELEASE
IMMUNOGEN, INC. ANNOUNCES SHARE REPURCHASE PROGRAM
CAMBRIDGE, MA, AUGUST 27, 2002 - ImmunoGen, Inc. (Nasdaq: IMGN), a
biopharmaceutical company currently focusing on the development of targeted
anti-cancer therapeutics, today announced that, effective immediately, its Board
of Directors has authorized the repurchase of up to 4.1 million shares of
ImmunoGen common stock. The repurchases are to be made at the discretion of
management and as market conditions warrant. No time limit was set for the
completion of this program. ImmunoGen recently announced that it would be
issuing 4.1 million shares of its common stock to Shire Biochem, Inc. pursuant
to the exercise of common share purchase warrants held by Shire Biochem, Inc.
"The current market price of our shares provides us with the unique opportunity,
through a share repurchase program, to offset the dilution associated with the
recent issuance of shares to Shire," said Mitchel Sayare, Ph.D., Chairman and
CEO of ImmunoGen. "We are very confident of our long-term prospects and, because
of our strong cash position, we can pursue this program without adversely
affecting our long-term plans."
ABOUT IMMUNOGEN, INC.
ImmunoGen, Inc. develops innovative biopharmaceuticals for the treatment of
cancer. The Company's TAP technology couples highly potent cytotoxic agents with
tumor-targeting antibodies to create effective new treatments for cancer with
minimal damage to normal tissue. Two TAP products developed by ImmunoGen are in
clinical trials - cantuzumab mertansine and huN901-DM1/BB-10901; the former is
licensed to GlaxoSmithKline, the latter is licensed to British Biotech in
certain territories. Several companies are developing TAP products comprised of
ImmunoGen's TAP technology and the partner's antibody - Genentech
(Trastuzumab-DM1), Millennium (MLN591DM1) and Boehringer Ingelheim (bivatuzumab
mertansine). ImmunoGen also has multi-target agreements with Genentech, Abgenix,
and Millennium.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS BASED ON MANAGEMENT'S
CURRENT EXPECTATIONS. FACTORS THAT COULD CAUSE FUTURE RESULTS TO DIFFER
MATERIALLY FROM SUCH EXPECTATIONS INCLUDE, BUT ARE NOT LIMITED TO: THE SUCCESS
OF THE COMPANY'S RESEARCH STRATEGY; THE APPLICABILITY OF THE DISCOVERIES MADE
THEREIN; THE DIFFICULTIES INHERENT IN THE DEVELOPMENT OF PHARMACEUTICALS,
INCLUDING UNCERTAINTIES AS TO THE TIMING AND RESULTS OF PRECLINICAL STUDIES;
DELAYED ACHIEVEMENTS OF MILESTONES; RELIANCE ON COLLABORATORS; UNCERTAINTY AS TO
WHETHER THE COMPANY'S POTENTIAL PRODUCTS WILL SUCCEED IN ENTERING HUMAN CLINICAL
TRIALS AND UNCERTAINTY AS TO THE RESULTS OF SUCH TRIALS; UNCERTAINTY AS TO
WHETHER ADEQUATE REIMBURSEMENT FOR THESE PRODUCTS WILL EXIST FROM THE
GOVERNMENT, PRIVATE HEALTHCARE INSURERS AND THIRD-PARTY PAYORS; THE
UNCERTAINTIES AS TO THE EXTENT OF FUTURE GOVERNMENT REGULATION OF THE
PHARMACEUTICAL BUSINESS; AND OTHER FACTORS DESCRIBED IN IMMUNOGEN'S PERIODIC
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
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