UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No.15783 / June 17, 1998

SECURITIES AND EXCHANGE COMMISSION v. CHANGNIAN LIU
(United States District Court for the District of Massachusetts Civil Action
No. 98CV11188-RGS)


The Securities and Exchange Commission ( Commission ) today announced the
filing of a
complaint against Changnian Liu ( Dr. Liu ), Ph.D., of Omaha, Nebraska, a
former research
scientist for Immunogen, Inc. ( Immunogen ), a Norwood, Massachusetts
biotechnology
company.  The Commission s complaint charges Dr. Liu with insider trading in
Immunogen
stock.  Simultaneously with the filing of the complaint, Dr. Liu consented
to the entry of
an order of permanent injunction from future violations of the antifraud
provisions of the
federal securities laws.  Dr. Liu also agreed to pay disgorgement of $41,700
of illegal
trading profits, plus prejudgment interest in the amount of $6,633, and to
pay a civil
monetary penalty of $41,700.

The complaint alleges that Dr. Liu purchased 30,000 shares of  Immunogen
stock in advance
of the August 6, 1996 publication of Immunogen studies showing that the
company s new drug
compound, C242-DM1, completely eradicated human colon tumors grown in mice.
Dr. Liu was
one of the lead authors of the paper describing the studies, which was
published in The
Proceedings of the National Academy of Sciences ( PNAS ).  According to the
complaint,
between July 30 and August 1, 1996, Dr. Liu, while in possession of the
material non-
public information that the PNAS article would be published on August 6,
1996, purchased a
total of 30,000 shares of Immunogen common stock.  On August 6, 1996, after
the Company s