BETHESDA, Md., May 6 /PRNewswire-FirstCall/ -- Micromet, Inc.
(NASDAQ: MITI), a biopharmaceutical company developing novel,
proprietary antibodies for the treatment of cancer, inflammation
and autoimmune diseases, today announced its financial results for
the first quarter ended March 31, 2009. In the first quarter of
2009, Micromet achieved a number of significant milestones
illustrating its continued progress in the clinic and in corporate
development. The milestones include the execution of an option,
collaboration and license agreement with a major pharmaceutical
company to develop a new BiTE antibody, the initiation of a new
phase 2 clinical trial for adecatumumab (MT201), the filing of a
clinical trial application for MT203, the publication of new
scientific data on EpCAM, which is the target of two of its
clinical product candidates, and regaining North American rights to
blinatumomab (MT103). These developments are summarized below: --
On January 12, Micromet announced the execution of an option,
collaboration and license agreement with Bayer Schering Pharma AG.
Under the terms of this agreement, Micromet granted Bayer Schering
Pharma an exclusive option until January 2010 to obtain the rights
to develop and commercialize a specific BiTE antibody against an
undisclosed solid tumor target. Bayer Schering Pharma paid an
option fee of approximately $6.0 million and may exercise the
option with the payment of an additional option exercise fee, which
would trigger a formal collaboration to develop this BiTE antibody.
Micromet would be eligible to receive from Bayer Schering Pharma
approximately Euro 290 million in total, including the option
exercise fee and potential milestone payments, and up to a
double-digit royalty based on tiered net sales of the product. In
addition, Micromet would be reimbursed for development expenses
incurred in this collaboration. -- On January 13, Micromet together
with the Ludwig-Maximilian-University in Munich, Germany published
data in the peer reviewed journal Nature Cell Biology revealing a
novel signaling function of the epithelial cell adhesion molecule,
or EpCAM, which is expressed at high frequency on many tumor types.
The data indicate that only cancer cells have an active signaling
form of EpCAM that promotes tumor formation. This data further
supports the scientific and clinical rationale behind two of
Micromet's most advanced clinical product candidates, adecatumumab
and MT110, both of which target EpCAM. -- On February 23, Micromet
announced the addition of Kapil Dhingra, M.D. to the Board of
Directors. Dr. Dhingra has been active in oncology clinical
research for over 20 years, most recently as head of Oncology
Development at Hoffman La-Roche, where he built the largest
oncology clinical development department in the industry. Dr.
Dhingra brings deep oncology development experience and perspective
to Micromet's Board of Directors. -- On March 12, Micromet
announced that it had regained North American rights to its most
advanced product candidate, blinatumomab (MT103), from MedImmune.
Micromet is responsible for the further clinical development and
commercialization of blinatumomab. MedImmune is obligated to
complete the development of the commercial scale manufacturing
process for blinatumomab at its cost. Upon the first marketing
approval of blinatumomab in the United States, MedImmune will have
a one-time option to reacquire the commercialization rights in
North America at pre-defined terms. -- On March 23, Micromet
announced the initiation of a new phase 2 clinical trial with its
human anti-EpCAM IgG1 antibody adecatumumab (MT201). This
randomized, controlled phase 2 trial will evaluate adecatumumab in
the treatment of patients with colorectal cancer after complete
resection of liver metastases. -- On April 2, Micromet announced
the filing of a clinical trial application in Europe by its partner
Nycomed for the anti-GM-CSF antibody MT203. The filing triggered a
milestone payment to Micromet of approximately $2.0 million. "We
are very pleased with our accomplishments during the first quarter
of 2009, and we look forward to presenting clinical data at the
American Society of Clinical Oncology meeting and the European
Hematology Society meeting in the second quarter," stated Christian
Itin, President and CEO of Micromet, Inc. Financial Results:
Quarter Ended March 31, 2009 For the three months ended March 31,
2009, Micromet recognized total revenues of $7.5 million, compared
to $5.9 million for the same period in 2008. Total operating
expenses were $12.4 million for the three months ended March 31,
2009, compared to $13.3 million for the same period in 2008. Loss
from operations for the three months ended March 31, 2009 was $4.9
million, compared to a loss from operations of $7.3 million for the
same period in 2008. For the three months ended March 31, 2009,
Micromet reported a net loss of $0.3 million, or a loss of $0.01
per basic and diluted common share, compared to a net loss of $5.9
million, or $0.14 per basic and diluted common share, for the same
period in 2008. The net loss for the three months ending March 31,
2009 includes a non-cash gain of $4.4 million, reflecting a
decrease during the quarter in the fair value of warrants issued in
connection with a private placement transaction in 2007. The
Company recorded a $1.3 million non-cash gain for this item in the
first quarter of 2008. Net cash provided by operating activities
was $1.1 million for the three months ended March 31, 2009 compared
to $0.4 million provided by operating activities for the same
period in 2008. Micromet's cash, cash equivalents and investments
were $47.1 million as of March 31, 2009. Based on our current
operating projections, we believe the cash and cash equivalents as
of March 31, 2009 will be sufficient to fund operations into the
second half of 2010. Conference Call and Audio Webcast Today, May
6, 2009, at 9:00 am Eastern Time. To participate in this conference
call, dial 800-320-2978 (U.S.) or 617-614-4923 (international),
passcode: 90696322. The audio webcast can be accessed at:
http://www.micromet-inc.com/. A replay of the call will be
available from 12:00 pm Eastern Time on May 6, 2009 (6:00 pm
Central European Time) through Wednesday, May 13, 2009. The replay
number is 888-286-8010 (U.S.) or 617-801-6888 (international),
passcode: 58046416. About Micromet, Inc. Micromet, Inc. is a
biopharmaceutical company developing novel, proprietary antibodies
for the treatment of cancer, inflammation and autoimmune diseases.
Its product development pipeline includes novel antibodies
generated with its proprietary BiTE(R) antibody platform, as well
as conventional monoclonal antibodies. BiTE antibodies represent a
new class of antibodies that activate the T cells of a patient's
immune system to eliminate cancer cells. Four of its antibodies are
currently in clinical trials. Its BiTE antibody blinatumomab
(MT103) is being evaluated in a phase 2 clinical trial for the
treatment of patients with acute lymphoblastic leukemia (ALL), and
in a phase 1 clinical trial for the treatment of patients with
non-Hodgkin's lymphoma (NHL). A second BiTE antibody, MT110, is
being tested in a phase 1 clinical trial for the treatment of
patients with solid tumors. MT110 binds to the epithelial cell
adhesion molecule, or EpCAM, which is overexpressed in many solid
tumors. Its human monoclonal antibody adecatumumab, or MT201, also
binds to EpCAM and is being developed under a collaboration with
Merck Serono. The current clinical development of this antibody
includes a phase 2 clinical trial in colorectal carcinoma patients
after complete resection of liver metastases, and a phase 1b
clinical trial evaluating adecatumumab in combination with
docetaxel for the treatment of patients with metastatic breast
cancer. Micromet's monoclonal antibody MT293, also known as TRC093,
is licensed to TRACON Pharmaceuticals, Inc., and is being developed
in a phase 1 clinical trial for the treatment of patients with
cancer. In addition to the four antibodies described above,
Micromet has established a collaboration with Nycomed for the
development and commercialization of MT203, a human antibody
neutralizing the activity of granulocyte/macrophage colony
stimulating factor, or GM-CSF, which has potential applications in
the treatment of various inflammatory and autoimmune diseases, such
as rheumatoid arthritis, psoriasis, or multiple sclerosis. Nycomed
has filed a clinical trial application and is expected to commence
a phase 1 clinical trial of MT203 in the first half of 2009.
Micromet's licensee Morphotek, a wholly-owned subsidiary of Eisai,
is also expected to initiate a first phase 1 clinical trial with
MT228, a glycolipid-binding human antibody for the treatment of
melanoma. Micromet also has entered into an option, collaboration
and license agreement with Bayer Schering Pharma AG under which
Bayer Schering Pharma was granted an exclusive option to license a
specified BiTE antibody against an undisclosed solid tumor target.
Micromet's preclinical product pipeline includes several novel BiTE
antibodies generated with its proprietary BiTE antibody platform
technology. BiTE antibodies targeting CEA, MSCP, CD33, HER2, EGFR
and other targets are in various stages of preclinical development.
Forward-Looking Statements This release contains certain
forward-looking statements that involve risks and uncertainties
that could cause actual results to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. These forward-looking
statements include statements regarding the efficacy, safety and
intended utilization of our product candidates, the development of
blinatumomab, adecatumumab, MT110, MT203 and MT228, the return of
development and commercialization rights to blinatumomab in North
America, the conduct, timing and results of future clinical trials,
expectations of the future expansion of our product pipeline and
collaborations, our plans regarding future presentations of
clinical data, and our plans regarding collaborations and other
partnering activities. You are urged to consider statements that
include the words "ongoing," "may," "will," "believes,"
"potential," "expects," "plans," "anticipates," "intends," or the
negative of those words or other similar words to be uncertain and
forward-looking. Factors that may cause actual results to differ
materially from any future results expressed or implied by any
forward-looking statements include the risk that product candidates
that appeared promising in early research, preclinical studies or
clinical trials do not demonstrate safety and/or efficacy in
subsequent clinical trials, the risk that encouraging results from
early research, preclinical studies or clinical trials may not be
confirmed upon further analysis of the detailed results of such
research, preclinical study or clinical trial, the risk that
additional information relating to the safety, efficacy or
tolerability of our product candidates may be discovered upon
further analysis of preclinical or clinical trial data, the risk
that we or our collaborators will not obtain approval to market our
product candidates, the risks associated with reliance on outside
financing to meet capital requirements, and the risks associated
with reliance on collaborators, including MedImmune, Merck Serono,
TRACON and Nycomed, for the funding or conduct of further
development and commercialization activities relating to our
product candidates. These factors and others are more fully
discussed in Micromet's Annual Report on Form 10-K for the year
ended December 31, 2008, filed with the SEC on March 16, 2009, as
well as other filings by the company with the SEC. (Tables Follow)
Micromet, Inc. Condensed Consolidated Balance Sheets (In thousands,
except par value) March 31, December 31, 2009 2008 (unaudited)
Assets Current assets: Cash, cash equivalents and short-term
investments $45,123 $46,168 Accounts receivable 5,805 3,424 Prepaid
expenses and other current assets 1,297 1,950 Total current assets
52,225 51,542 Property and equipment, net 3,102 3,322 Goodwill
6,462 6,462 Patents, net 4,427 5,250 Other long-term assets 958 959
Long-term investments 2,006 - Restricted cash 3,092 3,140 Total
assets $72,272 $70,675 Liabilities and Stockholders' Equity Current
liabilities: Accounts payable $1,446 $710 Accrued expenses 6,982
6,492 Common stock warrants liability 7,862 12,294 Current portion
of deferred revenue 7,960 4,054 Total current liabilities 24,250
23,550 Deferred revenue, net of current portion 7,036 7,555 Other
non-current liabilities 2,067 2,025 Long-term debt obligations, net
of current portion 2,021 2,157 Commitments - - Stockholders'
equity: Preferred stock, $0.00004 par value; 10,000 shares
authorized; no shares issued and outstanding - - Common stock,
$0.00004 par value; 150,000 shares authorized; 50,913 shares issued
and outstanding at March 31, 2009 and December 31, 2008,
respectively 2 2 Additional paid-in capital 229,115 227,806
Accumulated other comprehensive income 6,281 5,749 Accumulated
deficit (198,500) (198,169) Total stockholders´ equity 36,898
35,388 Total liabilities and stockholders' equity $72,272 $70,675
Micromet, Inc. Condensed Consolidated Statements of Operations (In
thousands, except per share amounts) (Unaudited) Three Months Ended
March 31, 2009 2008 Revenues: Collaboration agreements $7,306
$5,749 License fees and other 157 175 Total revenues 7,463 5,924
Operating expenses: Research and development 8,689 9,720 General
and administrative 3,687 3,534 Total operating expenses 12,376
13,254 Loss from operations (4,913) (7,330) Other income (expense):
Interest expense (76) (112) Interest income 139 267 Change in fair
value of warrants 4,432 1,253 Other income 86 56 Net loss $(332)
$(5,866) Basic and diluted net loss per common share $(0.01)
$(0.14) Weighted average shares used to compute basic and diluted
net loss per share 50,913 40,781 DATASOURCE: Micromet, Inc.
CONTACT: US Media: Andrea tenBroek or Chris Stamm, +1-781-684-0770,
; US Investors: Susan Noonan, +1-212-966-3650, ; European Media:
Ludger Wess, +49-40-8816-5964, ; European Investors: Ines-Regina
Buth, +49-30-2363-2768, , all for Micromet, Inc. Web Site:
http://www.micromet-inc.com/
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