-- 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.
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.
|SOURCE Micromet, Inc.|
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