Micromet second quarter total revenues increase to $7.1 million

Aug 4 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 second quarter and six months ended June 30, 2011.

"Over the past three months, we presented initial data demonstrating blinatumomab's high complete response rate in patients with relapsed acute lymphoblastic leukemia (ALL) and announced a new, multi-target BiTE collaboration with Amgen," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer. "We look forward to expanding our clinical trials in ALL and expect to release additional blinatumomab data at ASH."

Recent Events:

• In July, the Company entered into a collaboration agreement with Amgen for the research of BiTE antibodies against three solid tumor targets. Amgen has the right to pursue development and commercialization of BiTE antibodies against up to two of these targets, to be selected by Amgen. Per the terms of the agreement, in July Amgen paid an upfront fee of €10 million, of which €4 million was an advanced payment for research and development expenses to be incurred. Micromet is eligible to receive up to €342 million in clinical and commercial milestone payments and up to double-digit royalties on worldwide net sales. If Amgen choses a second BiTE program, Micromet will be eligible to receive an additional cash payment upon initiation of the program, as well as milestones, royalties and development funding comparable to the first program.
• In June, the Company announced the appointment of Ulrich Grau, Ph.D., as Executive Vice President and Chief Operating Officer. Dr. Grau brings to Micromet extensive operations and research and development leadership experience in global pharmaceutical and biotechnology companies.
• In June, at the 15th Annual Congress of the European Hematology Association, investigators reported interim results from a Phase 2 clinical trial of blinatumomab in adult patients with ALL who had relapsed following treatment with standard therapy. 75% of patients (9 of 12) achieved a complete remission (CR) or CR with partial recovery of blood counts (CRh*) following treatment with blinatumomab. All nine responding patients also achieved a complete molecular response, meaning they had no evidence of leukemic cells in their bone marrow, a key prognostic factor for patient survival.
• In June, at the 11th Annual International Conference on Malignant Lymphoma, investigators reported updated results from a Phase 1 clinical trial of blinatumomab in adult patients with relapsed non-Hodgkin's lymphoma (NHL). At the therapeutic dose level of 60 micrograms per meter squared per day, 71% (20 of 28) achieved an objective response. As of March 2011, the median duration of response for all patients was 508 days with responses of 11 patients on-going.
• In May, the Company announced the publication of data from a Phase 2 clinical trial of blinatumomab in patients with minimal residual disease positive (MRD) ALL in the Journal of Clinical Oncology. Results of the study demonstrated that blinatumomab produced durable remissions in front-line adult ALL patients at high risk of relapse.

Financial Results for the Three and Six Months Ended June 30, 2011

Three Months Ended June 30, 2011

For the three months ended June 30, 2011, Micromet recognized total revenues of $7.1 million, compared to $6.5 million for the same period in 2010. Total operating expenses were $27.1 million for the three months ended June 30, 2011, compared to $17.4 million for the same period in 2010.

Loss from operations for the three months ended June 30, 2011 was $20.0 million, compared to a loss from operations of $10.9 million for the same period in 2010.

For the three months ended June 30, 2011, Micromet reported a net loss of $17.3 million, or a loss of $0.19 per basic and diluted common share, compared to a net loss of $4.1 million, or a loss of $0.05 per basic and diluted common share, for the same period in 2010.

Six Months Ended June 30, 2011

For the six months ended June 30, 2011, Micromet recognized total revenues of $12.6 million, compared to $12.9 million for the same period in 2010. Total operating expenses were $52.4 million for the six months ended June 30, 2011, compared to $34.8 million for the same period in 2010.

Loss from operations for the six months ended June 30, 2011 was $39.8 million, compared to a loss from operations of $22.0 million for the same period in 2010.

For the six months ended June 30, 2011, Micromet reported a net loss of $25.5 million, or a loss of $0.28 per basic and diluted common share, compared to a net loss of $22.4 million, or $0.29 per basic and diluted common share, for the same period in 2010.

Micromet's cash, cash equivalents and investments were $188.3 million as of June 30, 2011.

Source: Micromet, Inc.