Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of biotechnology company, ImmunoGen (Nasdaq: IMGN ) moved higher by as much as 12% earlier in the trading session after it's collaborating partner, Roche (OTC: RHHBY), released positive results with regard to trastuzumab emtansine.
So what: Trastuzumab emtansine, previously known as T-DM1, is an experimental drug targeting patients with metastatic HER2-positive breast cancer. In phase three results released very early this morning, the Roche and ImmunoGen drug was shown to significantly extend patients' lives when compared to GlaxoSmithKline's (NYSE: GSK ) Tykerb, and Roche's own Xeloda. This great news also provided the impetus for Roche to file for a biologics licensing application with the Food and Drug Administration. A filing for marketing approval in Europe is also expected soon.
Now what: ImmunoGen's Targeted Antibody Payload technology has the potential to be the cornerstone combination drug of the future, and the success of trastuzumab emtansine is a key part of that. Aside from Seattle Genetics (Nasdaq: SGEN ) , whose antibody-drug conjugates essentially do the same thing as ImmunoGen's TAP (attach a toxin to an antibody that will release that toxin when it comes in contact with a specific protein in the targeted cancer cell), there isn't any real competition for this type of drug delivery. ImmunoGen is definitely an exciting company worth keeping your eye on.
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