Micromet second-quarter 2010 total revenues increase to $6.5 million

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 second quarter and six months ended June 30, 2010.

“Data reported during the quarter continue to reinforce blinatumomab's potential role in the treatment of patients with acute lymphoblastic leukemia (ALL) and strongly support our development plans in this disease setting”

"Data reported during the quarter continue to reinforce blinatumomab's potential role in the treatment of patients with acute lymphoblastic leukemia (ALL) and strongly support our development plans in this disease setting," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer. "In the third quarter we will initiate two clinical studies that will serve as the foundation of a broader development program aimed at confirming blinatumomab's potential utility across the treatment continuum of patients with ALL."

Recent Events:

• In June, investigators reported updated results from a Phase 2 clinical trial of blinatumomab in adult patients with minimal residual disease (MRD) positive ALL at the 15th Annual Congress of the European Hematology Association (EHA). In this trial, a prolonged hematologic relapse free survival was observed in patients treated with blinatumomab.
• In June, the Company announced the presentation of updated results from an on-going Phase 1 clinical trial of blinatumomab in patients with relapsed non-Hodgkin's lymphoma at EHA. A high objective response rate was maintained among patients treated with blinatumomab using an adapted schedule, comparable to that previously reported in patients receiving constant dosing.
• In June, investigators presented interim results from a Phase 1 clinical trial of the Company's BiTE antibody MT110 in patients with advanced solid tumors at the 2010 American Society of Clinical Oncology Annual Meeting. Enrollment and treatment of patients in this dose-finding study continues.
• In June, the Company announced the publication of pre-clinical data of new BiTE antibodies in the Proceedings of the National Academy of Sciences.
• In May, the Company entered into a collaboration agreement with Boehringer Ingelheim for the research, development and commercialization of a new BiTE antibody for the treatment of multiple myeloma.
• 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 11 tumor-associated antigens, including CEA, EGFR, IGFR-1, cMet and FAP-alpha.
• 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 patients with solid tumors.
• In August, the Company informed investigators participating in a Phase 2 trial of adecatumumab (MT201) in patients with resected liver metastases from colorectal cancer that enrollment in the study has been discontinued due to a change in the standard of care in this disease setting.

Financial Results for the Three and Six Months Ended June 30, 2010

Three Months Ended June 30, 2010

For the three months ended June 30, 2010, Micromet recognized total revenues of $6.5 million, compared to $4.9 million for the same period in 2009. Total operating expenses were $17.4 million for the three months ended June 30, 2010, compared to $12.6 million for the same period in 2009.

Loss from operations for the three months ended June 30, 2010 was $10.9 million, compared to a loss from operations of $7.6 million for the same period in 2009.

For the three months ended June 30, 2010, Micromet reported a net loss of $3.1 million, or a loss of $0.04 per basic and diluted common share, compared to a net loss of $13.9 million, or a loss of $0.27 per basic and diluted common share, for the same period in 2009.

Six Months Ended June 30, 2010

For the six months ended June 30, 2010, Micromet recognized total revenues of $12.9 million, compared to $12.4 million for the same period in 2009. Total operating expenses were $34.8 million for the six months ended June 30, 2010, compared to $25.0 million for the same period in 2009.

Loss from operations for the six months ended June 30, 2010 was $22.0 million, compared to a loss from operations of $12.6 million for the same period in 2009.

For the six months ended June 30, 2010, Micromet reported a net loss of $19.4 million, or a loss of $0.26 per basic and diluted common share, compared to a net loss of $14.3 million, or $0.28 per basic and diluted common share, for the same period in 2009.

Micromet's cash, cash equivalents and investments were $170.0 million as of June 30, 2010.