Immunogen Reports Departure of Chief Medical Officer
Shares of Immunogen, a leading drugmaker, have taken a hit as the company announced the departure of its Chief Medical Officer and an increase in its annual cost forecast. The stock has experienced an 8.6% decline in midday trading, with shares having more than tripled in value this year.
Changes in Leadership
Immunogen revealed on Monday morning that Chief Medical Officer Anna Berkenblit will be stepping down in August to pursue a professional hiatus. Taking her place will be Michael Vasconcelles, who currently serves as the company's Executive Vice President for Research, Development, and Medical Affairs.
Revised Cost Forecast
In addition to the leadership change, Immunogen has revised its annual operating expenses forecast for the year. The company now anticipates expenses ranging from $350 million to $365 million, representing an increase from its previous guidance. This adjustment is attributed to the amplified spending required to support the upcoming launch of Elahere, a cancer drug set to enter the European market.
Immunogen continues to make significant strides in the field of medical innovation, and these recent developments are part of its ongoing efforts to advance the treatment and care options available to patients.
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