ImmunoGen gets $18.2 million in financing on extended research collaboration with Sanofi-Aventis

By Jennifer Chiou

New York, Aug. 31 - ImmunoGen, Inc. said it obtained an $18.2 million financing commitment from Aventis Pharmaceuticals Inc. following Aventis' one-year extension of the companies' research collaboration.

Aventis, which is part of the Sanofi-Aventis Group, will contribute the funding to ImmunoGen's research work during a 12-month period beginning Sept. 1, 2006.

ImmunoGen, which began the collaboration in July 2003, previously received financing commitments from Aventis through Aug. 31, 2006.

"The extension enables the two companies to work together for a fourth year to develop new compounds that can potentially generate revenue for ImmunoGen," chairman and chief executive officer Mitchel Sayare said in a news release.

Aventis has the option to again extend the research collaboration for an additional one-year period beginning Sept. 1, 2007.

Based in Cambridge, Mass., ImmunoGen develops targeted anticancer biopharmaceuticals. Its Tumor-Activated Prodrug technology uses tumor-targeting antibodies to deliver a potent, cell-killing agent to cancer cells.

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