ImmunoGen Up 7% After Earnings Beat

Shares of ImmunoGen are up nearly 7% after the company reported positive earnings. ImmunoGen's financial guidance remains unchanged from that issued in December 2011 when the Company entered into a collaboration agreement with Eli Lilly and Company. ImmunoGen expects its net loss for its fiscal year ending June 30, 2012 to be between $78-82 million. Net cash used in operations is expected to be between $40 and $45 million and cash and marketable securities at its fiscal year end of June 30, 2012 are expected to total between $145 and $150 million. Revenues were $7.6 million for 2Q FY2012, as compared to $4.2 million for the same period last year. Revenues in 2Q FY2012 include $6.0 million of license and milestone fees and $0.9 million of research and development support fees, compared to $0.9 million and $2.0 million respectively, for the same quarter last year. The 2Q FY2012 license and milestone fees include $5.0 million in milestone payments earned with three clinical product achievements by two collaborative partners. Revenues in 2Q FY2012 also include $0.6 million of clinical material reimbursement, compared to $1.3 million for 2Q FY2011.