BETHESDA, Md., March 4 /PRNewswire-FirstCall/ -- Micromet, Inc. , a biopharmaceutical company focused on the development and commercialization of next-generation antibodies for the treatment of cancer, today announced its financial results for the fourth quarter and full year ended December 31, 2009. The Company also highlighted recent pipeline progress and outlined expected 2010 milestones.
“With our lead product candidate blinatumomab expected to begin a European pivotal trial in mid-2010, a clinically validated next-generation antibody platform, and global rights to our two most advanced BiTE antibodies, we believe Micromet is in a strong position to continue to build value for all of our stakeholders in 2010 and beyond,” said Christian Itin, Ph.D., Micromet’s President and Chief Executive Officer. “We are on track to initiate two additional clinical trials later this year that will enable us to evaluate blinatumomab’s utility in leukemia sub-types with high unmet medical need.”
Fourth Quarter and Recent Pipeline Highlights:
Fourth Quarter Corporate Highlights:
2010 Milestones:
During 2010, the Company intends to:
Fourth Quarter Reported Results
For the three months ended December 31, 2009, Micromet recognized total revenues of $4.6 million, compared to $5.9 million for the same period in 2008. Total operating expenses were $28.3 million for the three months ended December 31, 2009, including one-time charges of $6.5 million relating to the acquisition of blinatumomab North American rights, $2.8 million for the purchase of blinatumomab clinical trial material and $4.0 million to settle Curis claims and terminate any future payment obligations under the original Curis agreements. This compares to $12.4 million in total operating expenses for the same period in 2008.
Loss from operations for the three months ended December 31, 2009 was $23.7 million, compared to a loss from operations of $6.5 million for the same period in 2008. For the three months ended December 31, 2009, Micromet reported a net loss of $23.5 million, or $0.34 per basic and diluted common share, compared to a net loss of $5.9 million, or $0.12 per basic and diluted common share, for the same period in 2008. The net loss for the three months ended December 31, 2009 includes a non-cash gain of $0.2 million, reflecting a decrease during the quarter in the fair value of outstanding warrants, compared to a $0.4 million non-cash gain for this item in the three months ended December 31, 2008.
Full Year Reported Results
For the year ended December 31, 2009, Micromet recognized total revenues of $21.0 million, compared to $27.3 million for 2008. Total operating expenses were $70.4 million for the year ended December 31, 2009, including one-time charges of $6.5 million relating to the acquisition of blinatumomab North American rights, $2.8 million for the purchase of blinatumomab clinical trial material, $4.0 million to settle Curis’ claims and terminate any future payment obligations under the original Curis agreements, and a one-time non-cash patent impairment charge of $2.6 million. This compares to $53.4 million in total operating expenses for 2008.
Loss from operations for the year ended December 31, 2009 was $49.4 million, compared to a $26.1 million loss from operations in 2008.
For the year ended December 31, 2009, Micromet reported a net loss of $57.7 million, or $0.98 per basic and diluted common share, compared to a net loss of $33.2 million, or $0.77 per basic and diluted common share, for 2008. The net loss for the year ended December 31, 2009 includes a non-cash charge of $8.0 million, reflecting an increase during the year in the fair value of outstanding warrants, compared to a $8.1 million non-cash charge for this item in the year ended December 31, 2008.
Net cash used in operating activities was $8.9 million for the year ended December 31, 2009 compared to $15.7 million used in operating activities for 2008. Micromet’s cash, cash equivalents and short-term investments were $117.6 million as of December 31, 2009.
Webcast and Conference Call
Micromet management will host a conference call today at 8:30 AM ET to review the Company’s fourth quarter and full year 2009 results. To participate in the conference call, please dial 800-659-1942 (domestic) or 617-614-2710 (international) and reference the access code 85243244. The presentation will be available via webcast at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=197259&eventID=2770538
A replay of the call will be available from 11:30 AM ET on March 4, 2010 until midnight on April 4, 2010. To access the replay, please dial 888-286-8010 (domestic) or 617-801-6888 (international) and reference the access code 93754122. The archived webcast will be available for 30 days in the Investor Relations section of the Micromet website at www.micromet-inc.com.
About Blinatumomab
Blinatumomab (MT103) is a novel, next-generation monoclonal antibody designed to direct the body’s cell destroying T-cells against CD19, a protein expressed on the surface of most B-cell derived non Hodgkin’s lymphomas. Blinatumomab has demonstrated potent activity against adult Acute Lymphocytic Leukemia, achieving an 80% molecular response rate in a Phase 2 study. Blinatumomab was generally well-tolerated by patients in the Phase 2 study. The most frequently reported grade 3/4 adverse event was lymphopenia. All other adverse events were infrequent and transient in nature. Micromet received orphan drug designation from the EMEA for blinatumomab for the treatment of ALL in August 2009.
About Micromet, Inc.
Micromet, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibody-based therapies for the treatment of cancer. Its product development pipeline includes novel antibodies generated with its proprietary BiTE(R) technology, as well as conventional monoclonal antibodies. Two of Micromet’s BiTE antibodies and three of its conventional antibodies are currently in clinical trials. Micromet has collaborations with a number of leading pharmaceutical and biotechnology companies, including sanofi-aventis, Bayer Schering Pharma, Merck Serono, MedImmune and Nycomed. Additional information can be found at www.micromet-inc.com.
Safe Harbor Statement
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. These forward-looking statements include statements regarding the development and commercialization of blinatumomab, MT110 and other BiTE antibodies, including the conduct and timing of ongoing and future clinical trials involving these product candidates, the manufacturing of blinatumomab, as well as plans regarding our regulatory strategy and announcements and publication of clinical data. You are urged to consider statements that include the words “ongoing,” “may,” “will,” “believes,” “potential,” “expects,” “plans,” “anticipates,” “intends,” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risk that blinatumomab or our other product candidates do not demonstrate safety and/or efficacy in future clinical trials, delays in development and testing, including the risk that we will not obtain approval to market blinatumomab, and the risks associated with reliance on outside financing to meet capital requirements. These factors and others are more fully discussed in Micromet’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2009, filed with the SEC on November 6, 2009, as well as other filings by the company with the SEC.
CONTACT: Jennifer Neiman, Director, Corporate Communications, Micromet,
Inc., +1-240-486-4413, Jennifer.neiman@micromet-inc.com
Web site: http://www.micromet-inc.com/
