Micromet reports total revenues of $6.3 million for first-quarter 2010

May 5 2010

Micromet, Inc. (Nasdaq: MITI), a biopharmaceutical company focused on the development and commercialization of next-generation antibodies for the treatment of cancer, today announced its financial results for the first quarter ended March 31, 2010.  

"With the proceeds from our recent financing,  we are well-positioned to conduct the planned European pivotal study of blinatumomab in patients with acute lymphoblastic leukemia and other studies intended to support its use as a key component of the standard of care in this indication," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer.  "Our new collaboration with Boehringer Ingelheim is an important step toward our goal to develop a hemato-oncology franchise, with now three BiTE antibodies in research and development that have the potential to address the majority of hematological cancers."

First Quarter and Recent Highlights:

• Strengthened our balance sheet – In March the Company completed an underwritten public offering of 11.5 million shares of its common stock at a public offering price of $7.00 per share.  The Company received net proceeds from the offering of approximately $75.4 million.
• Highlighted the breadth and potency of our BiTE antibody platform - At the April 2010 American Association for Cancer Research Annual Meeting, the Company and its collaborators reported pre-clinical data characterizing new BiTE antibodies targeting eleven tumor-associated antigens, including CEA, EGFR, IGFR-1, cMet and FAP-alpha.
• Achieved a milestone under our BiTE antibody collaboration with Bayer Schering Pharma - In April the Company announced that it had achieved a milestone under its collaboration agreement with Bayer Schering Pharma AG.  The milestone was triggered by Micromet's achievement of pre-clinical proof of concept for a BiTE antibody for the treatment of solid tumors.
• Signed a global collaboration agreement with Boehringer Ingelheim for a new BiTE antibody - In May the Company announced that it had entered into a global collaboration and license agreement with Boehringer Ingelheim for the research, development and commercialization of a new BiTE antibody for the treatment of multiple myeloma.  Under the terms of the agreement Micromet will receive an upfront cash payment of euro 5 million (approximately $6.6 million) and is eligible to receive development and regulatory milestone payments totaling euro 50 million (approximately $66 million). The agreement provides Micromet with royalties on U.S. product sales equivalent to a profit split and escalating low double-digit royalties on product sales outside the U.S.

First Quarter 2010 Reported Results

For the three months ended March 31, 2010, Micromet recognized total revenues of $6.3 million, compared to $7.5 million for the same period in 2009. Total operating expenses were $17.4 million for the three months ended March 31, 2010, compared to $12.4 million for the same period in 2009.

Loss from operations for the three months ended March 31, 2010 was $11.1 million, compared to a loss from operations of $4.9 million for the same period in 2009.

For the three months ended March 31, 2010, Micromet reported a net loss of $16.3 million, or $0.23 per basic and diluted common share, compared to a net loss of $0.3 million, or $0.01 per basic and diluted common share, for the same period in 2009.  The net loss for the three months ended March 31, 2010 includes a non-cash charge of $5.6 million, reflecting a increase during the quarter in the fair value of outstanding warrants, compared to a $4.4 million non-cash gain for this item in the first quarter of 2009.

Net cash used in operating activities was $5.6 million for the three months ended March 31, 2010 compared to $1.1 million in net cash provided by operating activities for the same period in 2009.  Micromet's cash, cash equivalents and short-term investments were $182.7 million as of March 31, 2010.

SOURCE Micromet, Inc.