Washington Business Journal -- Bethesda-based biotech Micromet Inc. cut its losses for the most recent quarter while adding more than $2 million to its top line.
The company (NASDAQ:MITI) reported a net loss of $10.4 million, or 13 cents a share, for the three months ending Sept. 30, compared to a net loss of $19.9 million, or 32 cents a share, for the same quarter last year Sales were $6.6 million for the quarter, up from $4 million last year.
Micromet focuses on the development and commercialization of next-generation antibodies for the treatment of cancer.
"With clinical trials of our lead product candidate blinatumomab now under way in patients with both early and advanced stages of acute lymphoblastic leukemia, we are on track to roll out a comprehensive development plan evaluating blinatumomab across the spectrum of the disease," said Christian Itin, president and chief executive officer of Micromet, in a statement. "We look forward to reporting new data from on-going blinatumomab trials at the American Society of Hematology Annual Meeting in December."
