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Micromet, Inc. Reports First Quarter 2009 Financial Results
Date:5/6/2009

BETHESDA, Md., May 6 /PRNewswire-FirstCall/ -- Micromet, Inc. (Nasdaq: MITI), a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases, today announced its financial results for the first quarter ended March 31, 2009.

In the first quarter of 2009, Micromet achieved a number of significant milestones illustrating its continued progress in the clinic and in corporate development. The milestones include the execution of an option, collaboration and license agreement with a major pharmaceutical company to develop a new BiTE antibody, the initiation of a new phase 2 clinical trial for adecatumumab (MT201), the filing of a clinical trial application for MT203, the publication of new scientific data on EpCAM, which is the target of two of its clinical product candidates, and regaining North American rights to blinatumomab (MT103). These developments are summarized below:

  • On January 12, Micromet announced the execution of an option, collaboration and license agreement with Bayer Schering Pharma AG. Under the terms of this agreement, Micromet granted Bayer Schering Pharma an exclusive option until January 2010 to obtain the rights to develop and commercialize a specific BiTE antibody against an undisclosed solid tumor target. Bayer Schering Pharma paid an option fee of approximately $6.0 million and may exercise the option with the payment of an additional option exercise fee, which would trigger a formal collaboration to develop this BiTE antibody. Micromet would be eligible to receive from Bayer Schering Pharma approximately Euro 290 million in total, including the option exercise fee and potential milestone payments, and up to a double-digit royalty based on tiered net sales of the product. In addition, Micromet would be reimbursed f
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SOURCE Micromet, Inc.
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