ImmunoGen to move Junius up to CEO

By Mass High Tech Staff

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Biopharmaceuticals firm ImmunoGen Inc. has announced plans to promote current president and COO Daniel M. Junius to president and CEO of the company, beginning January 1, 2009, following the ImmunoGen board of directors’ succession plan. Current chairman and CEO Mitchel Sayare, who has served as CEO for 22 years, will work as director and continue as chairman of the board at ImmunoGen.

Junius was promoted to president and COO in July, where he is now responsible for drug research, clinical operations and business development strategy. He first joined ImmunoGen in May 2005 as senior vice president, finance and chief financial officer. The next year, he was promoted to executive vice president, finance and CFO.

An earlier interview with Junius revealed that ImmunoGen is at a stage where it is transitioning from a strictly research oriented organization to a development stage one.

Before joining ImmunoGen, Junius worked as executive vice president and CFO of New England Business Service Inc. through to its acquisition by Deluxe Corp. in 2004. He also worked as vice president and CFO of Nashua Corp.

Junius earned a master’s degree in management from Northwestern University’s Kellogg School of Management.

Waltham-based ImmunoGen develops anti-cancer therapeutics, including its Tumor-Activated Prodrug technology. In June, the company announced that it had raised $24.7 million through a purchase of 7.8 million shares of common stock at $3.20 per share by Ziff Asset Management LP.

In February, Immunogen announced a $1.5 million milestone payment from Biogen Idec Inc. due to Biogen’s solid tumor treatment using an ImmunoGen-developed molecule. In the same vein, the company received a $1 million milestone payment from French drug giant Sanofi-Aventis SA for ImmunoGen’s compound discovery, SAR3419, used in Sanofi-Aventis’s non-Hodgkin’s lymphoma treatment.

ImmunoGen reported a 2007 net loss of $19 million on $38.2 million in revenue.

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