The second tranche of $50m will be provided after reporting positive top-line data from the confirmatory MIRASOL trial and upon meeting a sales threshold for ELAHERE. Credit: PublicDomainPictures from Pixabay.

US-based biotechnology company ImmunoGen has signed a term loan financing facility worth up to $175m with the entities of Pharmakon Advisors.

ImmunoGen will use the proceeds from the agreement to support its growth trajectory and bolster its balance sheet.

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The company will receive the loan facility in two tranches.

The first tranche of $75m will be available to the company once the agreement has been executed.

The second tranche of $50m will be provided after reporting positive top-line data from its confirmatory MIRASOL trial, and subject to a net sales threshold for ELAHERE (mirvetuximab soravtansine-gynx), which is indicated for treatment of patients with platinum-resistant ovarian cancer.

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ImmunoGen president and CEO Mark Enyedy said: “Our agreement with Pharmakon strengthens our financial position as we execute against our strategic priorities, including accelerating the launch of ELAHERE and investing in our pipeline of next-generation ADCs.

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“Pharmakon is a well-respected partner to innovative biotechnology companies, and we look forward to utilising the non-dilutive capital from this agreement to advance the business and drive value for our shareholders as a commercial oncology company.”

ELAHERE is a first-in-class ADC that includes a folate receptor alpha-binding antibody, a cleavable linker and a tubulin inhibitor (maytansinoid payload DM4), which can kill the targeted cancer cells.

Upon mutual agreement by the parties, the second tranche may be increased to $100m. The loan facility will have a maturity period of five years.

Pharmakon managing member Martin Friedman said: “We are pleased to support ImmunoGen, and this investment illustrates our confidence in the company’s ability to successfully commercialise ELAHERE while progressing the development of its earlier-stage assets and delivering on its mission to offer more good days to patients.”