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Immunogen 3Q loss widens on revenue drop, costs

Thu, 04/29/2010 - 2:17pm
The Associated Press

Biotechnology company Immunogen Inc. on Thursday reported a wider fiscal third-quarter loss on a mix of lower revenue and higher operating costs.

For the quarter ended March 31, the drug developer lost $12.1 million, or 21 cents per share, compared with a loss of $4.6 million, or 9 cents per share, a year prior. Revenue fell to $3.3 million from $8.2 million, mainly on lower milestone and license payments.

Analysts polled by Thomson Reuters expected a loss of 23 cents per share on higher revenue of $3.8 million.

Operating expenses rose 22 percent to $15.5 million.

The company is collaborating with drugmaker Roche on Trastuzumab-DMI as a potential breast cancer treatment.

ImmunoGen backed its prior forecast for a loss of $53 million to $56 million for its fiscal year ending June 30.

Shares of Immunogen rose 32 cents, or 3.3 percent, to close earlier at $9.90.

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