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

BETHESDA, Md., March 13 /PRNewswire-FirstCall/ -- Micromet, Inc. (Nasdaq: MITI), 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.

Summary of Recent Events:

-- Micromet published data on its BiTE(R) antibody MT103 at the annual

meeting of the American Society of Hematology in December, showing that

MT103 induces dose-dependent objective complete and partial responses

in late stage lymphoma patients. The BiTE antibody could also clear the

bone marrow and other infiltrated organs from tumor cells. Particularly

encouraging was the observation of complete responses in patients with

mantle cell lymphoma (MCL) -- a disease that is difficult to treat. In

Europe, Micromet has initiated a phase 2 study in acute lymphoblastic

leukemia, one of the most aggressive blood cancers.

-- Micromet has completed preclinical development for its second BiTE

antibody MT110. MT110 binds to EpCAM, a cell surface molecule that is

highly expressed on many solid tumors and on cancer stem cells -- those

cancer cells responsible for metasta

SOURCE Micromet, Inc.
Copyright©2008 PR Newswire.
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