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Active Biotech Stock News: Pacific Biosciences of California (PACB), ImmunoGen, Inc. (IMGN), Incyte Corporation (INCY)

 

Pacific Biosciences of California (NASDAQ:PACB) declined 2.54% to end last trading session at $9.97. The company, on October 22, 2015, declared financial results for its third quarter ended September 30, 2015.

Revenue for the third quarter of 2015 totaled $13.9 million, compared to $20.6 million for the third quarter of 2014. Third quarter 2015 revenue includes product and service revenue of $10.3 million and $3.6 million of contractual revenue, while third quarter 2014 revenue includes product and service revenue of $8.9 million and $11.7 million of contractual revenue. Third quarter 2015 contractual revenue reflects $3.6 million of quarterly amortization of the upfront Roche payment while third quarter 2014 contractual revenue includes $10.0 million of milestone revenue and $1.7 million of quarterly amortization of the upfront Roche payment.

Gross profit for the third quarter of 2015 was $6.6 million, resulting in a gross margin of 47.1%, compared to gross profit of $13.2 million and a gross margin of 63.8% for the third quarter of 2014.

ImmunoGen, Inc. (NASDAQ:IMGN) plunged 2.14% to finish last trading session at $13.28. The company, on December 1, 2015, declared the presentation of new preclinical data with the Company’s experimental therapies IMGN529 and IMGN779 to be made at the upcoming American Society of Hematology (ASH) annual meeting to be held December 5-8, 2015 in Orlando, FL.

“ImmunoGen is advancing experimental therapies expected to make a meaningful difference for patients with cancer, and we believe the preclinical data being presented at ASH with our IMGN529 and IMGN779 help demonstrate the potential significance of these programs,” said Dr. Charles Morris, Executive Vice President and Chief Development Officer. “In preclinical assessments, IMGN529 demonstrates marked synergy with rituximab – a widely used therapy for non-Hodgkin lymphoma – which informed our decision to assess this combination clinically. The IMGN779 data being reported relate to its novel mechanism of action, which we believe could help patients with acute myeloid leukemia, and we expect to start clinical testing of this experimental therapy in early 2016.”

Incyte Corporation (NASDAQ:INCY) decreased 1.78% to complete last trading session at $112.21. The company, on November 30, 2015, declared that more than 60 abstracts featuring data from its ongoing clinical development program for Jakafi® (ruxolitinib) will be presented at the upcoming American Society of Hematology (ASH) 57th Annual Meeting December 5-8, 2015 in Orlando, FL.

“We are very pleased to have a substantial amount of ruxolitinib data selected for presentation at the upcoming ASH Annual Meeting,” stated Rich Levy, MD, Chief Drug Development Officer, Incyte. “Not only will long-term data for COMFORT-II, one of ruxolitinib’s pivotal registration studies be shared, but also new data exploring its potential in combination with other compounds for myeloproliferative neoplasms and other hematologic cancers. Continuing to identify and research combinatorial synergies with our medicines and others in development is a critical part of our continued commitment to discovering new treatment options for patients with cancer.”