855654--8/30/2007--IMMUNOGEN

related topics

{product, candidate, development}

{property, intellectual, protect}

{product, liability, claim}

{stock, price, share}

{control, financial, internal}

{customer, product, revenue}

{personnel, key, retain}

{stock, price, operating}

{cost, regulation, environmental}

{competitive, industry, competition}

We have a history of operating losses and expect to incur significant additional operating losses. If our TAP technology does not produce safe, effective and commercially viable products, our business will be severely harmed. Clinical trials for our and our collaborative partners product candidates will be lengthy and expensive and their outcome is uncertain. 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 and our collaborative partners product candidates will remain subject to ongoing regulatory review even if they receive marketing approval. If we or our collaborative partners fail to comply with continuing regulations, we could lose these approvals and the sale of our products could be suspended. If our collaborative partners fail to perform their obligations under our agreements with them, 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 collaborative partners 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. If our antibody requirements for clinical materials to be manufactured are significantly higher than we estimated, the inability to procure additional antibody in a timely manner could impair our ability to initiate or advance our clinical trials. We will rely on one third-party manufacturer with more commercial production experience to produce our cell-killing agents, DM1 and DM4. We may be unable to establish the manufacturing capabilities necessary to develop and commercialize our and our collaborative partners potential products. We have only one conjugate manufacturing facility and any prolonged and significant disruption at that facility could impair our ability to manufacture our and our collaborative partners product candidates for clinical testing. In April 2008, we plan to move operations currently located in Cambridge, MA to laboratory and office space in Waltham, MA. Any prolonged or significant disruption in research activities caused by the relocation could impair our ability to advance our own, as well as our collaborative partner s product candidates. 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 sales and marketing capabilities necessary to successfully commercialize our potential products. If our product candidates or those of our collaborative partners do not gain market acceptance, our business will suffer. 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. 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. 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 product candidates. Our stock price can fluctuate significantly and results announced by us and our collaborators can cause our stock price to decline. The potential sale of additional shares of our common stock may 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--8/30/2007--IMMUNOGEN_INC