-- In 2007, Micromet partnered two of its earlier stage programs. The
company is collaborating with Nycomed on the development of MT203, a
human antibody that neutralizes GM-CSF, a key cytokine involved in
autoimmune diseases and chronic inflammation. In addition, Micromet
has licensed MT293 to TRACON Pharmaceuticals, Inc. MT293 is an
anti-angiogenic antibody that aims to limit tumor growth by preventing
blood vessels to reach the tumor. TRACON initiated a phase 1 clinical
trial in July 2007.
-- In June 2007, Micromet closed a $25 million PIPE transaction, adding to
its shareholder base a number of experienced U.S.-based biotech funds.
Several of Micromet's existing shareholders participated in this
Summarizing the events, Christian Itin, Ph.D., President and Chief
Executive Officer of Micromet said: "In 2007, we have made significant
progress with our BiTE antibodies demonstrating strong clinical activity
for MT103 in late-stage non-Hodgkin's lymphoma patients and completing
preclinical development of MT110, our first BiTE antibody targeting solid
tumors. In 2008, we will broaden the clinical program for MT103 and
initiate a first clinical trial for MT110. We will also advance our
earlier-stage BiTE antibodies and report on results at clinical and
scientific conferences. In addition, we expect to start a phase 2 clinical
trial with adecatumumab (MT201) in adjuvant disease in the second half of
2008. Finally, we will continue to explore opportunities for new
collaborations in 2008."
Quarter Ended December 31, 2007
For the three months ended December 31, 2007, Micromet recognized
revenues of $7.0 million, compared to $13.8 million for the same period in
2006. Included in 2006 revenues was the receipt of a $10.0 million
|SOURCE Micromet, Inc.|
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