Micromet third quarter total revenues decrease to $4.5 million

Nov 9 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 third quarter and nine months ended September 30, 2011.

"Over the past few months, we defined a path to U.S. registration for our lead product candidate blinatumomab and expedited the start of a clinical trial with the potential to support accelerated approval," said Christian Itin, Ph.D., President and Chief Executive Officer. "We look forward to reporting at the American Society of Hematology Annual Meeting new blinatumomab data that will provide further evidence of clinical efficacy in patient populations with a very poor prognosis."

Recent Events:

• In November, the Company announced that data on blinatumomab will be reported at the 53^rd Annual American Society of Hematology Annual Meeting, to be held December 10 - 13 in San Diego, California. Updated results from the Company's Phase 2 clinical trial of blinatumomab in adult patients with relapsed/refractory (r/r) acute lymphoblastic leukemia (ALL) will be presented as an oral presentation on Monday, December 12.
• In October, the Company outlined a clinical development plan intended to support U.S. registration of blinatumomab in patients with B-precursor r/r ALL. The plan incorporates advice received from the U.S. Food and Drug Administration (FDA) within the context of a Type C meeting.
• In October, the Company announced that it had received clearance from the FDA to conduct a Phase 1/2 clinical trial of blinatumomab in pediatric and adolescent patients with r/r ALL. This will be an open label two-part study, conducted in collaboration with the Children's Oncology Group and the International BFM study group.
• 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 advance payment for research and development expenses. 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 chooses 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.

Financial Results for the Three and Nine Months Ended September 30, 2011

Three Months Ended September 30, 2011

For the three months ended September 30, 2011, Micromet recognized total revenues of $4.5 million, compared to $6.7 million for the same period in 2010. Total operating expenses were $25.2 million for the three months ended September 30, 2011, compared to $16.1 million for the same period in 2010.

Loss from operations for the three months ended September 30, 2011 was $20.7 million, compared to a loss from operations of $9.5 million for the same period in 2010.

For the three months ended September 30, 2011, Micromet reported a net loss of $15.8 million, or a loss of $0.17 per basic and diluted common share, compared to a net loss of $11.3 million, or a loss of $0.14 per basic and diluted common share, for the same period in 2010.

Nine Months Ended September 30, 2011

For the nine months ended September 30, 2011, Micromet recognized total revenues of $17.2 million, compared to $19.5 million for the same period in 2010. Total operating expenses were $77.7 million for the nine months ended September 30, 2011, compared to $50.9 million for the same period in 2010.

Loss from operations for the nine months ended September 30, 2011 was $60.5 million, compared to a loss from operations of $31.4 million for the same period in 2010.

For the nine months ended September 30, 2011, Micromet reported a net loss of $41.3 million, or a loss of $0.45 per basic and diluted common share, compared to a net loss of $33.6 million, or $0.43 per basic and diluted common share, for the same period in 2010.

Micromet's cash, cash equivalents and investments were $183.1 million as of September 30, 2011.