Funding Proceeds to Support R&D Efforts and Clinical Trials Advancing the BiTE Therapeutic Antibody Platform
BETHESDA, Md., Sept. 30 /PRNewswire-FirstCall/ -- Micromet, Inc. (Nasdaq: MITI) ("Micromet" or the "Company"), a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases, today announced that it has entered into a definitive agreement with various institutional investors to raise $40 million in a private placement of its common stock and warrants.
Under the terms of the definitive agreement, Micromet is expected to sell approximately 9.4 million shares of common stock and warrants to purchase approximately 2.8 million shares of common stock at a total purchase price of $4.25 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.30 shares of common stock. The warrants are exercisable at $4.63 per share and will expire five years after the date of grant. The closing of the transaction, which is expected to occur on or about October 2, 2008, is subject to customary closing conditions. Piper Jaffray & Co. served as sole bookrunning lead placement agent, with RBC Capital Markets acting as co-lead placement agent, and Natixis Bleichroeder serving as financial advisor on the offering.
The net proceeds of the financing will be used for continued research and development of Micromet's product candidates and operational expenses including the advancement of clinical trials for the company's lead BiTE antibody blinatumomab (MT103/MEDI-538).
This news release is not an offer to sell or the solicitation of an
offer to buy the securities discussed herein. These securities have not
been registered under th
|SOURCE Micromet, Inc|
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