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BRIEF-Immunogen: Will reduce workforce by 17 pct
September 29, 2016 / 8:16 PM / in a year

BRIEF-Immunogen: Will reduce workforce by 17 pct

Sept 29 (Reuters) - Immunogen Inc :

* Company will reduce its workforce by 17 pct and seek to partner its non-core b-cell lymphoma programs

* Through this plan, Immunogen will realize significant cost savings over next two years in headcount, program, and support activities

* These savings will include approximately $11 million per year relating to elimination of 65 positions

* Expects to achieve previously-stated goal of funding operations through analysis of mirvetuximab soravtansine pivotal trial,into mid-2018

* As a result of workforce reduction, immunogen will record a one-time charge totaling approximately $3.5 million

* As part of this effort and prioritization of its ign programs, will seek to monetize its non-core b-cell assets through partnering with interested parties Source text for Eikon: Further company coverage:

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