ImmunoGen Inc (IMGN)

[skitahoe]

Xena,

I believe the real question by these presentations is, where does the Phase 3 trial stand. People are questioning whether data will support approval, and clearly that's created the weakness in the stock. The best news would be positive top line data from the trial, but baring that, if they indicated that based on progress in the trial that top line data will be out by a date certain, investors would have something to look forward to.

I believe the data will be positive, and if so, I think we'll see new 52 week highs and the $18 target of many analysts may be met or exceeded. Of course if I'm wrong and the data doesn't support a BLA submission that's deemed to be solid, new lows will continue. The key is what's in the data. Clearly the data in the combination trials which really was incomplete has been a drag on the stock, that too may improve as additional data is added, but approval based on the Phase 3 is most important. In the future, after the drug is approved and available, I suspect that combinations that have yet to be tried may prove to be more effective than any combinations to date, but that experimentation can only occur once the drug is available to experiment with, except when used under right to try provisions the FDA is developing.

Gary