Micromet, Inc. Reports First Quarter 2008 Financi...(vant animal species. -- In March Micr...),Health

-- In March, Micromet established a scientific advisory board and named

five leading oncology and immunology researchers to its newly formed

panel of BiTE antibody advisors. The scientific advisory board will

provide guidance for the further development of our BiTE antibody

technology.

Summarizing the events, Christian Itin, Ph.D., President and Chief Executive Officer of Micromet said: "We have made significant progress with the BiTE antibody platform and individual BiTE programs, demonstrating the potential utility of BiTE antibodies for the treatment of cancer and other severe diseases. The successful conversion of commercial antibodies Herceptin(R), Erbitux(R), Vectibix(R) and Xolair(R) to highly potent BiTE antibodies with differentiated product profiles may represent an intriguing option for life cycle management of those therapeutic antibodies."

Financial Results:

Quarter Ended March 31, 2008

For the three months ended March 31, 2008, Micromet recognized total revenues of $5.9 million, compared to $2.8 million for the same period in 2007. Total operating expenses were $13.3 million for the three months ended March 31, 2008, compared to $10.3 million for the same period in 2007. For the three months ended March 31, 2008, Micromet reported a net loss of $5.9 million, or $0.14 per basic and diluted share, compared to a net loss of $7.6 million, or $0.24 per basic and diluted share, for the same period in 2007.

Micromet's cash and cash equivalents were $27.7 million as of March 31, 2008. Net cash provided by operating activities was $0.4 million for the quarter ended March 31, 2008, compared to $7.9 million used in operating activities for the same period in 2007. Based on the status of our development programs, we believe this cash balance is sufficient to fund our operations through the second quarter of 2009.

2008 Outlook:

-- On June 5, 2008,
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