UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 1996
ImmunoGen, Inc.
(Exact name of registrant as specified in its charter)
Massachusetts 0-17999 04-2726691
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
128 Sidney Street, Cambridge, Massachusetts 02139
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(617) 661-9312
Page 1 of 7 pages
Item 5. Other Events.
The Registrant's Pro Forma Balance Sheets as of May 31, 1996 and
Statements of Operations for the two months ended May 31, 1996, filed as
Exhibit 99.1 hereto, demonstrate the Registrant's compliance as of May 31, 1996
on a pro forma basis with the net tangible asset requirement for continued
inclusion on the Nasdaq National Market. The information contained in Exhibit
99.1 is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 The Registrant's Pro Forma Balance Sheets as of May 31, 1996 and
Statements of Operations for the two months ended May 31, 1996
and accompanying footnotes.
Page 2 of 7 pages
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ImmunoGen, Inc.
(Registrant)
Date: July 12, 1996 /s/Frank J. Pocher
Frank J. Pocher
Vice President and
principal financial officer
Page 3 of 7 pages
EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
99.1 The Registrant's Pro Forma Balance 5,6, & 7
Sheets as of May 31, 1996 and
Statements of Operations for the two
months ended May 31, 1996 and
accompanying footnotes
Page 4 of 7 pages
ImmunoGen, Inc.
Consolidated Balance Sheets and Pro Forma Balance Sheets
As of May 31, 1996
<TABLE>
<CAPTION>
Pro Forma(1)
May 31, 1996 Adjustments May 31, 1996
---------------- ---------------- ----------------
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $ 1,009,461 $ 2,200,000(2) $ 3,209,461
Other Current assets 115,276 115,276
---------------- ---------------- ----------------
Total current assets 1,124,737 2,200,000 3,324,737
---------------- ---------------- ----------------
Property and equipment, net of
accumulated depreciation 4,321,263 4,321,263
Other assets 1,683,700 1,683,700
---------------- ---------------- ----------------
$ 7,129,700 $ 2,200,000 $ 9,329,700
================ ================ ================
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable 2,056,373 (1,482,191)(3) 574,182
Accrued compensation 511,421 511,421
Other accrued liabilities 630,100 (41,301)(4) 588,799
Current portion of capital lease obligations 140,654 140,654
---------------- ---------------- ----------------
Total current liabilites 3,338,548 (1,523,492) 1,815,056
---------------- ---------------- ----------------
Capital lease obligations 49,270 49,270
9% convertible debenture 2,500,000 (2,500,000)(5)
9% convertible debenture 2,500,000 (6) 2,500,000
11 1/2% convertible debenture
Commitments
Redeemable convertible preferred stock
$.01 par value; authorized 277,080 shares;
none issued
Stockholders' equity
Common stock, $.01 par value; authorized
15,546,355 (actual) and
17,000,524 (pro forma)
as of May 31, 1996 155,464 13,650 (7) 169,114
Additional paid-in capital 122,987,433 3,834,842 (7) 126,822,275
--------------- ---------------- --------------
123,142,897 3,848,492 126,991,389
Accumulated deficit (121,901,015) (125,000)(8) (122,026,015)
--------------- ---------------- --------------
Total stockholders' equity 1,241,882 3,723,492 4,965,374
--------------- ---------------- --------------
Total liabilities and stockholders' equity $ 7,129,700 $ 2,200,000 $ 9,329,700
=============== ================ ==============
</TABLE>
Page 5 of 7 pages
IMMUNOGEN, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
For the two months ended May 31, 1996
<TABLE>
<CAPTION>
Pro Forma(1)
For the two For the two
months ended months ended
May 31, 1996 Adjustments May 31, 1996
-------------- ------------- --------------
1996 1996
-------------- ------------- --------------
<S> <C> <C> <C>
Revenues:
Development fees $ 69,104 $ 69,104
Interest 9,180 9,180
Licensing 570 570
-------------- ------------- --------------
Total revenues 78,854 78,854
-------------- ------------- --------------
Expenses:
Research and development 1,314,863 1,314,863
General and administrative 274,429 274,429
Interest and financing costs 137,268 $ 125,000 (8) 262,268
-------------- ------------- --------------
Total expenses 1,726,560 125,000 1,851,560
-------------- ------------- --------------
Loss before income taxes (1,647,706) (125,000) (1,772,706)
Income tax expense 121 121
-------------- ------------- --------------
Net loss $ (1,647,827) $ (125,000) $ (1,772,827)
============== ============= ==============
</TABLE>
Page 6 of 7 Pages
(1) The Pro Forma Balance Sheets as of May 31, 1996 and the Pro Forma
Consolidated Statements of Operations for the two months ended May 31,
1996 reflect transactions completed (i) on June 6, 1996 with Capital
Ventures, Inc. ("CVI") to convert their existing debenture of
$2.5 million, plus accrued interest, into Common Stock (the "First
Debenture") and to execute a second debenture for $2.5 million (the
"Second Debenture") and (ii) on June 28, 1996 with Dana-Farber Cancer
("DFCI") to convert their accounts payable of approximately $1.3 million
to a debenture and subsequently to Common Stock. Warrants issued in
connection with the CVI debenture transactions are not included since they
are non-cash, non-recurring and will not impact on the Company's Tangible
Net Worth calculation as reflected in the financial statements.
(2) Cash received from CVI ($2,500,000), less related fees paid to LBC Capital
Resources, Inc. ("LBC") ($125,000) and cash payment to DFCI for balance
payable ($175,000).
(3) DFCI balance, paid in cash ($175,000) and converted to a debenture
($1,307,190).
(4) Interest earned by CVI on First Debenture, converted to Common Stock.
(5) First Debenture from CVI converted to Common Stock.
(6) Second Debenture signed by CVI.
(7) Shares of Common Stock issued to CVI (1,016,521) and to DFCI (348,504) on
conversion of their debentures.
(8) Fee paid to LBC for CVI Second Debenture.
Page 7 of 7 pages
