IMGN - ImmunoGen signs up for up to $175M loan

2023-04-06 06:47:17 ET

• ImmunoGen ( NASDAQ: IMGN ) signed a term loan financing facility for up to $175M with entities managed by Pharmakon Advisors.
• The company said the funds will strengthen its balance sheet and provide additional capital to support growth.
• Under the agreement, the loan facility will be available in two tranches.
• The initial tranche of $75M will be drawn upon execution; the second of $50M will be available at the company's option after achieving positive top-line data from a confirmatory  trial called MIRASOL and net sales threshold for cancer drug Elahere (mirvetuximab soravtansine-gynx). This tranche may be increased to $100M upon mutual agreement.
• "Our agreement with Pharmakon strengthens our financial position as we execute against our strategic priorities, including accelerating the launch of ELAHERE and investing in our pipeline of next-generation ADCs," said ImmunoGen's President and CEO Mark Enyedy.

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