Shares of ImmunoGen Inc. (NASDAQ:IMGN) lost steam in afternoon trading on Monday but were up as much as 7.7% earlier in the session on news that the company saw improvements in the safety of an investigational treatment for non-Hodgkin's lymphoma.
The company said a Phase I assessment of its investigational compound SAR3419 – which it hopes will be used to treat non-Hodgkin’s lymphoma and other B-cell malignancies – was administered on an alternative schedule that demonstrated “an improved safety profile compared to prior tested schedules.”
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"We believe the findings reported today support that SAR3419 has the potential to become an important new therapy for key B-cell malignancies,” said ImmunoGen CEO Daniel Junius in a release.
The investigational SAR3419 compound uses the company’s Targeted Antibody Payload (TAP) technology to bind to and kill cancer cells.
The stock was up 0.6% as of 1:05 p.m. ET.