Shares of ImmunoGen took off yesterday after the biotech announced that Genentech's launch of a mid-stage cancer trial for trastuzumab-DM1 would trigger a $5 million milestone payment. The drug, which is being developed to treat a certain kind of breast cancer, is a combination of ImmunoGen's cell-killing agent and an antibody from Genentech. Analysts called the start of the Phase II trial as a significant validation of ImmunoGen's technology. Genentech has a pact to use ImmunoGen's technology in its drug discovery work.
- see ImmunoGen's announcement
- check out the AP report for more info