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Micromet, Inc. Reports Fourth Quarter and Full Year 2007 Financial Results

sis and resistance of tumors to


-- 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

financing round.

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."

Financial Results:

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 milestone payment

SOURCE Micromet, Inc.
Copyright©2008 PR Newswire.
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