Immunogen reports positive breast cancer drug data

AP News
Posted: Dec 09, 2009 4:50 PM

Immunogen Inc. said Wednesday its developing cancer treatment T-DM1 prompted a 32.7 percent response rate in a midstage study on breast cancer patients, pushing shares higher.

The stock jumped 72 cents, or 8.8 percent, to close at $8.89, as investors viewed the results as positive for the drug candidate's regulatory prospects.

The company will present the clinical data at the 32nd Annual San Antonio Breast Cancer Symposium on Saturday. T-DM1 is being developed with Roche.

Lazard Capital Markets analyst Joel Sendek said results may be sufficient for accelerated approval of the drug as a third-line treatment for metastatic breast cancer. He reaffirmed a "Hold" rating on the stock.