BETHESDA, Md., Aug. 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 second quarter and six months ended June 30, 2009.

In the second quarter of 2009, Micromet achieved a number of significant milestones illustrating its continued progress in the clinic and in corporate development. The milestones included presentations of preclinical data on EGFR-targeting BiTE antibodies as well as Micromet's BiTE antibody MT110, which targets EpCAM, at the American Association of Cancer Research (AACR) conference, the presentation of a product pipeline update at a research and development day for investors and analysts, the presentation of adecatumumab (MT201) phase 1b combination data at the American Society of Clinical Oncology (ASCO) meeting, the presentation of blinatumomab phase 2 data in acute lymphoblastic leukemia (ALL) at the 14(th) Congress of the European Hematology Association (EHA), the initiation of the first clinical trial with MT203, and the addition of Micromet's common stock to the Russell 3000 index. These developments are further summarized below:

• On April 22, Micromet presented preclinical data showing activity in vivo and in vitro of EGFR-targeting BiTE antibodies against KRAS- and BRAF-mutated human colorectal cancer cells at the AACR meeting. The non-clinical data indicated that Micromet's BiTE antibodies developed from the currently marketed EGFR-specific monoclonal antibodies Erbitux(R) (cetuximab) and Vectibix(R) (panitumumab) appeared to overcome the resistance of mutated tumor cells to those monoclonal antibodies. Micromet also presented data at the AACR meeting indicating that its BiTE antibody MT110 can direct T cells to eliminate EpCAM-expressing human colorectal cancer stem cells in cell culture and in animal models.
  

• On April 24, Micromet held its annual analyst meeting to present an update to investors and analysts on its BiTE antibody pipeline and to review key AACR presentations.
  

• On June 1, Micromet presented an update at ASCO 2009 on a phase 1b combination study of its human monoclonal antibody adecatumumab with docetaxel in patients with metastatic breast cancer. The trial demonstrated that combining adecatumumab with docetaxel was feasible, with clinically manageable diarrhea being the main side effect at higher doses. The overall response rate measured according to the Response Evaluation Criteria In Solid Tumors (RECIST) standards [version 1.0] was 38% in patients with high expression of EpCAM (n=8), the target of adecatumumab, compared to 9% in patients with low EpCAM expression (n=11). Patients treated with higher doses of adecatumumab also appeared to have a longer time to progression when compared to patients treated at lower doses (167 days versus 83 days).
  

• On June 8, The German Multicenter ALL Study Group (GMALL) presented data at the EHA meeting in Berlin indicating that blinatumomab had achieved the primary endpoint in a phase 2 clinical trial in the treatment of ALL patients. The primary endpoint of the trial was minimal residual disease (MRD) response, or elimination of ALL cancer cells in patients with MRD below the limit of detection, within four cycles of treatment. Achievement of this primary endpoint required that 5 of the 21 patients enrolled in the trial have a MRD response. In the data presented, 13 of the 16 patients evaluated to date, or 81%, demonstrated an MRD response, qualifying the trial as having met its primary endpoint before its completion.
  

• On June 18, Micromet announced that a phase 1 clinical trial had been initiated with its anti-GM-CSF human antibody MT203 by its collaboration partner Nycomed.
  

• On June 29 Micromet announced that it had been added to the Russell 3000 Index as part of the annual reconstitution of the Russell indexes, which occurred on June 26, 2009. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies.
  

"We made significant clinical progress on blinatumomab during the second quarter of 2009, and we look forward to initiating a pivotal trial in acute lymphoblastic leukemia in 2010," stated Christian Itin, Ph.D., President and CEO of Micromet.

Subsequent Events

On August 4, after the completion of the second quarter, Micromet closed a public offering of its common stock with gross proceeds of $80.5 million, which included the full exercise of the underwriters' over-allotment option. The net proceeds from this offering, after underwriting discount and offering expenses payable by Micromet, were approximately $75.0 million. The net proceeds of the offering, together with Micromet's existing cash, cash equivalents and short-term investments, are expected to fund operations for at least two years.

"We are pleased with the positive reception the financing has received in this overall challenging economic environment. Our strengthened financial position will support the development of the BiTE antibody platform and our lead product candidate blinatumomab," commented Dr. Itin.

Financial Results:

Quarter Ended June 30, 2009

For the three months ended June 30, 2009, Micromet recognized total revenues of $4.9 million, compared to $8.5 million for the same period in 2008. Total operating expenses were $12.6 million for the three months ended June 30, 2009, compared to $14.4 million for the same period in 2008.

Loss from operations for the three months ended June 30, 2009 was $7.7 million, compared to a loss from operations of $5.9 million for the same period in 2008.

For the three months ended June 30, 2009, Micromet reported a net loss of $13.9 million, or a loss of $0.27 per basic and diluted common share, compared to a net loss of $8.6 million, or $0.21 per basic and diluted common share, for the same period in 2008. The net loss for the three months ending June 30, 2009 includes a non-cash charge of $6.3 million, reflecting an increase during the quarter in the fair value of warrants issued in connection with a private placement transaction in 2007.