ImmunoGen Names David Johnston CFO - Update

(RTTNews) - ImmunoGen, Inc. (IMGN), a developer of targeted anticancer therapeutics, Monday announced that it has appointed David Johnston as Executive Vice President and Chief Financial Officer, effective today.

In his new roles, Johnston reports to Daniel Junius, President and Chief Executive Officer of ImmunoGen.

Junius was acting as interim Chief Financial Officer since September 13 after the company's then Executive Vice President and Chief Financial Officer Gregory Perry resigned from his positions to pursue other interests. ImmunoGen had noted that it was initiating a search to hire Perry's replacement.

The biotechnology company that develops targeted anticancer therapies using its antibody-drug conjugate technology noted that Johnston holds more than 30 years of experience in corporate finance, including 15 years in senior financial functions at biotechnology companies, as well as extensive experience in corporate planning.

Johnston joins ImmunoGen from AVEO Pharmaceuticals Inc. (AVEO), where he was the CFO. Prior to joining AVEO in 2007, he was Senior Vice President of Finance, Corporate Planning and Analysis at Genzyme Corp.. He was also the VP Finance and CFO of Genzyme Biosurgery. Prior to joining Genzyme in 1998, Johnston held financial, planning and analysis positions of increasing responsibility at several major corporations.

Commenting on the appointment, Junius said, "His depth of experience in both senior financial positions and in corporate planning makes Dave well-suited to help successfully advance the Company to our next stages."

ImmunoGen shares closed Friday's trading at $15.37, up $0.13 or 0.85 percent.