855654--8/28/2006--IMMUNOGEN

related topics

{product, candidate, development}

{product, liability, claim}

{property, intellectual, protect}

{control, financial, internal}

{competitive, industry, competition}

{customer, product, revenue}

{personnel, key, retain}

{stock, price, operating}

{cost, regulation, environmental}

{stock, price, share}

If our TAP technology does not produce safe, effective and commercially viable products, our business will be severely harmed. Clinical trials for our product candidates will be lengthy and expensive and their outcome is uncertain. If our collaborative partners fail to perform their obligations under our agreements, or determine not to continue with clinical trials for particular product candidates, our business could be severely impacted. If our collaborative partners fail to perform their obligations under our agreements, or determine not to continue with clinical trials for particular product candidates, our business could be severely impacted. We depend on a small number of collaborators for a substantial portion of our revenue. The loss of, or a material reduction in activity by, any one of these collaborators could result in a substantial decline in our revenue. If our collaborators requirements for clinical materials to be manufactured by us are significantly lower than we have estimated, our financial results and condition could be adversely affected. We have a history of operating losses and expect to incur significant additional operating losses. We and our collaborative partners are subject to extensive government regulations and we and our collaborative partners may not be able to obtain necessary regulatory approvals. Our product candidates and our collaborators product candidates will remain subject to ongoing regulatory review even if they receive marketing approval. If we or our collaborators fail to comply with continuing regulations, we could lose these approvals and the sale of our products could be suspended. We rely on two third-party manufacturers to perform separate activities in the process of producing supplies of our cell-killing agents, DM1 and DM4. Significant problems at either of these manufacturers could negatively impact the development of our own compounds and those of our collaborators. Unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives applicable to our product candidates could limit our potential product revenue. We may be unable to establish the manufacturing capabilities necessary to develop and commercialize our potential products. We have only one conjugate manufacturing facility and any prolonged and significant disruption at that facility could impair our ability to manufacture products for clinical testing. We have only one conjugate manufacturing facility and any prolonged and significant disruption at that facility could impair our ability to manufacture products for clinical testing. Any inability to license from third parties their proprietary technologies or processes which we use in connection with the development and manufacture of our product candidates may impair our business. We may be unable to establish sales and marketing capabilities necessary to successfully commercialize our potential products. If our product candidates or those of our collaborators do not gain market acceptance, our business will suffer. We may be unable to compete successfully. We may be unable to compete successfully. If we are unable to protect our intellectual property rights adequately, the value of our technology and our product candidates could be diminished. If we are forced to litigate or undertake other proceedings in order to enforce our intellectual property rights, we may be subject to substantial costs and liability or be prohibited from commercializing our potential products. We use hazardous materials in our business, and any claims relating to improper handling, storage or disposal of these materials could harm our business. We face product liability risks and may not be able to obtain adequate insurance. We depend on our key personnel and we must continue to attract and retain key employees and consultants. If we are unable to obtain additional funding when needed, we may have to delay or scale back some of our programs or grant rights to third parties to develop and market our products. Our stock price can fluctuate significantly and results announced by us and our collaborators can cause our stock price to decline. We do not intend to pay cash dividends on our common stock. A WARNING ABOUT FORWARD-LOOKING STATEMENTS

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855654--8/28/2006--IMMUNOGEN_INC