BETHESDA, Md., March 13 /PRNewswire-FirstCall/ -- Micromet, Inc. , a biopharmaceutical company focusing on the development of novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases, today announced its financial results for the fourth quarter and the full year ended December 31, 2007. As a result of the reverse merger between Micromet AG and CancerVax Corporation that was completed on May 5, 2006, the financial information included below for the fiscal year 2006 consists of Micromet AG's historical financial results for the period of January 1, 2006 to May 5, 2006 without the inclusion of the financial results of CancerVax, and the combined results of the two companies thereafter.
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 milestone payment from Merck Serono following the completion of two phase 2 clinical trials for adecatumumab. Total operating expenses were $13.1 million for the three months ended December 31, 2007, compared to $10.9 million for the same period in 2006. For the three months ended December 31, 2007, Micromet reported a net loss of $3.8 million, or $0.09 per basic and diluted share, compared to net income of $3.4 million, or $0.11 per basic and diluted share, for the same period in 2006. The positive net income in 2006 was due primarily to the milestone payment received from Merck Serono.
Year Ended December 31, 2007
Revenues for the year ended December 31, 2007 were $18.4 million, compared to $27.6 million for 2006. For the year ended December 31, 2007, Micromet reported operating expenses of $43.6 million, compared to $61.2 million for the same period in 2006. In connection with the merger with CancerVax, Micromet recorded a non-recurring, non-cash charge of $20.9 million in the second quarter of 2006 due to the immediate write-off of CancerVax's in- process research and development programs. For the year ended December 31, 2007, net loss was $20.1 million, or $0.55 per basic and diluted share, compared to $34.0 million, or $1.29 per basic and diluted share, for 2006.
Micromet's cash and cash equivalents were $27.1 million as of December 31, 2007. Net cash used in operating activities was $14.3 million for the year ended December 31, 2007 and $15.4 million in 2006. Based on the status of our development programs, management believes that the cash balance at December 31, 2007 is sufficient to fund operations into the second quarter of 2009.
Conference Call and Audio Webcast Today, March 13, 2007, at 9:00am Eastern Time
To participate in this conference call, dial 800-561-2813 (U.S.) or 617-614-3529 (international), passcode: 29595857. The audio webcast can be accessed at: www.micromet-inc.com in the investor relations section of the website.
A replay of the call will be available from 11:00 am Eastern Time on March 13, 2008 (4:00 pm Central European Time) through Thursday, March 20, 2008. The replay number is 888-286-8010 (U.S.) or 617-801-6888 (international), passcode: 40638317.
About Micromet, Inc. (www.micromet-inc.com)
Micromet, Inc. is a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases. Three of its antibodies are currently in clinical trials, while the remainder of the product pipeline is in preclinical development. The BiTE(R) antibody MT103 is in a phase 2 clinical trial for the treatment of patients with acute lymphoblastic leukemia and in a phase 1 clinical trial for the treatment of patients with non-Hodgkin's lymphoma. BiTE antibodies represent a new class of antibodies that activate a patient's own cytotoxic T cells, considered the most powerful "killer cells" of the human immune system, to eliminate cancer cells. Micromet is developing MT103 in collaboration with MedImmune, Inc., a subsidiary of AstraZeneca plc. The second clinical stage antibody is adecatumumab, also known as MT201, a human monoclonal antibody which targets epithelial cell adhesion molecule (EpCAM)-expressing solid tumors. Micromet is developing adecatumumab in collaboration with Merck Serono in a phase 1b clinical trial evaluating adecatumumab in combination with docetaxel for the treatment of patients with metastatic breast cancer. The third clinical stage antibody, MT293 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, 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 (GM-CSF), which has potential applications in the treatment of various inflammatory and autoimmune diseases, such as rheumatoid arthritis, psoriasis, or multiple sclerosis.
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. Such forward-looking statements include statements regarding the efficacy, safety, and intended utilization of Micromet's product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research, discovery of new product candidates, and clinical trials, and plans regarding partnering and outlicensing activities and the participation at upcoming scientific conferences. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety or efficacy in larger- scale or later clinical trials, the risk that the Company will not obtain approval to market its products, the risks associated with reliance on outside financing to meet capital requirements, the risks associated with reliance on collaborative partners for future revenues under the terms of its existing collaboration agreements, the risks associated with further clinical trials, development and commercialization of product candidates, and the risks associated with recruiting and retention of individuals in key management functions. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. These factors and others are more fully discussed in Micromet's periodic reports and other filings with the SEC, including the "Risk Factors" sections of such reports.
Any forward-looking statements are made pursuant to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, speak only as of the date made. Micromet undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Company, Investor Relations, +1-240-235-0250,
info@micromet-inc.com; or Investors, Susan Noonan, +1-212-966-3650,
susan@sanoonan.com; or Media, Andrea tenBroek, +1-781-684-0770,
micromet@schwartz-pr.com, all for Micromet, Inc.
Web site: http://www.micromet-inc.com/
