Why ImmunoGen Stock Is Blasting Off Wednesday

ImmunoGen Inc IMGN shares are soaring Wednesday after the company's ovarian cancer drug showed overall survival benefit in a Phase 3 trial.

What Happened: ImmunoGen highlighted positive top-line data from a Phase 3 confirmatory MIRASOL trial evaluating the safety and efficacy of ELAHERE compared to chemotherapy in patients with ovarian cancer.

ELAHERE demonstrated a statistically significant and clinically meaningful improvement in overall survival compared to chemotherapy with 33% reduction in the risk of death. 

"We are elated with the positive top-line results from MIRASOL. We believe the impressive efficacy data and consistent safety data reinforce ELAHERE's benefit for patients with platinum-resistant ovarian cancer. Importantly, ELAHERE is the first drug to show an overall survival benefit in this patient population," said Anna Berkenblit, senior vice president and CMO of ImmunoGen.

Immunogen said it plans to submit a Marketing Authorization Application in Europe and a supplemental Biologics License Application in the U.S. 

From Last Week: ImmunoGen Boosts Annual Guidance On Upbeat Uptake Of Newly Approved Ovarian Cancer Drug

IMGN Price Action: ImmunoGen shares were up 93.5% at $10.06 at time of publication, according to Benzinga Pro.

Photo: Konstantin Kolosov from Pixabay.