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Micromet, Inc. Reports Third Quarter 2008 Financial Results
Date:11/6/2008

the drug to be well tolerated and suggest that adding adecatumumab to standard chemotherapy could be a valuable treatment option for patients with high EpCAM expression.

-- On September 30, Micromet announced that it had entered into a definitive agreement to raise $40 million in a private placement of its common stock and warrants. The net proceeds of the private placement in the amount of $37.4 million were received on October 2, 2008. This financing increased the Company's cash and cash equivalents to approximately $53 million at the beginning of the fourth quarter of 2008.

"The accomplishments of the third quarter illustrate our commitment to a strategy of disciplined execution, focused on fundamentals, with the goal of building Micromet into a leading biotechnology company," commented Christian Itin, Ph.D., President and Chief Executive Officer of Micromet.

Financial Results:

Quarter Ended September 30, 2008

For the three months ended September 30, 2008, Micromet recognized total revenues of $7.0 million, compared to $5.6 million for the same period in 2007. Total operating expenses were $13.4 million for the three months ended September 30, 2008, compared to $9.2 million for the same period in 2007.

Loss from operations for the three months ended September 30, 2008 was $6.3 million, compared to a loss from operations of $3.6 million for the same period in 2007.

For the three months ended September 30, 2008, Micromet reported a net loss of $12.9 million, or $0.31 per basic and diluted common share, compared to a net loss of $2.3 million, or $0.06 per basic and diluted common share, for the same period in 2007. The net loss for the three months ending September 30, 2008 includes a non-cash charge of $6.8 million reflecting a change in the fair value of warrants issued in connection with a 2007 PIPE financing. The Company recorded a $1.2 million non-cash gain for this item in the third quarter of 2007.

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SOURCE Micromet, Inc.
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