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ImmunoGen fiscal 3Q loss widens as expenses rise


WALTHAM, Mass. (AP) - ImmunoGen Inc.'s fiscal third-quarter loss widened, as operating expenses rose and the cancer treatment developer took in a smaller amount of research and development support fees.

The Waltham, Mass., company said Friday it lost $18.7 million, or 24 cents per share, in the three months that ended March 31. That compares with a loss of $15 million, or 22 cents per share, in the same quarter last year. Revenue fell to $3.3 million from $5.2 million.

Analysts surveyed by FactSet expected, on average, a loss of 25 cents per share on $4.4 million in revenue.

ImmunoGen has no products on the market and is helping to fund its development programs by licensing its Targeted Antibody Payload, or TAP, technology. That involves a tumor-targeting manufactured antibody with a cancer-killing agent attached. The antibody delivers the agent specifically to tumor cells, where it is released to kill the cells.

Its development partners include larger companies like Amgen Inc., Eli Lilly and Co. and the French drugmaker Sanofi.

ImmunoGen said research and development-related revenue fell to $1.3 million from $2.2 million the previous year. Operating expenses climbed 8 percent to $22 million.

The company had no debt outstanding and about $175.3 million in cash and cash equivalents as of March 31. That compares with $191.2 million in cash as of June 30.

Company shares fell 9 cents to $12.59 Friday morning, while broader trading indexes climbed slightly.