Micromet first quarter total revenues decrease to $5.5 million

May 10 2011

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, 2011.

"We made important clinical progress during the quarter that puts us on track to achieve a number of key milestones over the next six months," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer. "Importantly, in June we will report interim data from a Phase 2 clinical trial of blinatumomab in adult patients with relapsed/refractory acute lymphoblastic leukemia, a disease setting in which there is an urgent need for new therapies."

First Quarter and Recent Highlights

• In April, the Company received notice that data from its Phase 2 clinical trial of blinatumomab in adult patients with relapsed/refractory ALL was accepted for presentation at the European Hematology Association Annual Congress, to be held June 10 - 12 in London, UK.
• In April, the Company announced the presentation of pre-clinical data on its BiTE antibody MT112/BAY 2010112, discovered and developed in collaboration with Bayer HealthCare Pharmaceuticals, at the 102^nd Annual Meeting of the American Association for Cancer Research (AACR). Data presented at the AACR meeting demonstrate the potent activity of MT112/BAY 2010112 against human prostate cancer cell lines and the inhibition of tumor growth in animal models.
• In March, the Company received notice that data from its Phase 1 clinical trial of blinatumomab in adult patients with relapsed/refractory non-Hodgkin's lymphoma (NHL) was accepted for presentation at the 2011 International Conference on Malignant Lymphoma, to be held June 15 - 18 in Lugano, Switzerland.
• In January, Micromet and MedImmune, the global biologics unit of AstraZeneca, announced the initiation of a Phase 1 clinical trial of MT111 (MEDI-565) in patients with advanced gastrointestinal cancers.

First Quarter 2011 Reported Results

For the three months ended March 31, 2011, Micromet recognized total revenues of $5.5 million, compared to $6.3 million for the same period in 2010. Total operating expenses were $25.3 million for the three months ended March 31, 2011, compared to $17.4 million for the same period in 2010.

Loss from operations for the three months ended March 31, 2011 was $19.8 million, compared to a loss from operations of $11.1 million for the same period in 2010.

For the three months ended March 31, 2011, Micromet reported a net loss of $8.2 million, or $(0.09) per basic and diluted common share, compared to a net loss of $18.3 million, or $(0.26) per basic and diluted common share, for the same period in 2010.

Net cash used in operating activities was $19.0 million for the three months ended March 31, 2011 compared to $5.7 million in net cash used in operating activities for the same period in 2010. Micromet's cash, cash equivalents and investments were $207.8 million as of March 31, 2011.