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

Months Ended September 30, 2008

For the nine months ended September 30, 2008, Micromet recognized total revenues of $21.4 million, compared to $11.4 million for the same period in 2007. Total operating expenses were $41.0 million for the nine months ended September 30, 2008, compared to $30.6 million for the same period in 2007.

Loss from operations for the nine months ended September 30, 2008 was $19.6 million, similar to the $19.2 million dollar loss from operations over the same period in 2007.

For the nine months ended September 30, 2008, Micromet reported a net loss of $27.4 million, or $0.67 per basic and diluted common share, compared to a net loss of $16.3 million, or $0.47 per basic and diluted common share, for the same period in 2007. The net loss for the nine months ending September 30, 2008 includes a non-cash charge of $8.5 million reflecting a change in the fair value of warrants issued in connection with a 2007 PIPE financing, compared to a $1.7 million non-cash gain for this item in the same period of 2007.

Net cash used in operating activities was $8.7 million for the nine months ended September 30, 2008 compared to $11.1 million used in operating activities for the same period in 2007. Micromet's cash and cash equivalents were $15.9 million as of September 30, 2008. The net proceeds of $37.4 million from the PIPE financing were received on October 2, 2008 and are not included in the Company's cash balance as of September 30, 2008.

2008 Outlook:

Micromet will present data at the annual meeting of the American Society for Hematology (ASH) on December 8th and 9th in San Francisco. The Company expects to provide a further update on the currently ongoing phase 1 clinical trial of blinatumomab in patients with non-Hodgkin's lymphoma, and initial results of the currently ongoing phase 2 clinical trial of blinatumomab in patients with acute lymphoblastic leukemia.

Conference Call and Audio Webcast Today, N
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SOURCE Micromet, Inc.
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