Micromet, Inc. Reports Fourth Quarter and Full Year 2007 Financi... (from Merck Serono following the completi...)

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

Date:3/13/2008

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.

2008 Outlook:

-- Micromet will present an update on its proprietary BiTE antibody

technology platform and new BiTE antibody programs at the conference of

the American Association of Cancer Research (AACR) in April 2008.

-- A phase 1/2 clinical trial evaluating MT103 in patients wi
'/>"/>

0

GOOD

Page: 1 2 3 4 5 6 7 8 9
Related biology technology :

1. Micromet, Inc. to Host Conference Call and Webcast to Discuss Fourth Quarter and Full Year 2007 Financial Results
2. Micromet, Inc. Elects Joseph P. Slattery to Board of Directors
3. Micromet, Inc. to Present at the Sal. Oppenheim 2nd European Healthcare Conference
4. Sunesis Pharmaceuticals Reports Fourth Quarter and Full-Year 2007 Financial Results
5. Peregrine Pharmaceuticals Reports Financial Results for the Third Quarter of Fiscal Year 2008
6. Helix BioPharma reports Q2 2008 highlights, financial results
7. Oncothyreon reports full year and fourth quarter 2007 financial results
8. Palatin Technologies, Inc. Reports Positive Results of a Phase I Clinical Study With PL-3994 for the Treatment of Congestive Heart Failure
9. Alfacell Reports Financial Results for Second Quarter of Fiscal 2008
10. ISTA Pharmaceuticals Reports Fourth Quarter and Full-Year 2007 Financial Results
11. Oncolytics Biotech Inc. Reports Highlights and Financial Results for 2007

Post Your Comments:

Micromet, Inc. Reports Fourth Quarter and Full Year 2007 Financi...(from Merck Serono following the completi...)