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

se 2 clinical trial with its human anti-EpCAM IgG1 antibody adecatumumab (MT201). This randomized, controlled phase 2 trial will evaluate adecatumumab in the treatment of patients with colorectal cancer after complete resection of liver metastases.

  • On April 2, Micromet announced the filing of a clinical trial application in Europe by its partner Nycomed for the anti-GM-CSF antibody MT203. The filing triggered a milestone payment to Micromet of approximately $2.0 million.

"We are very pleased with our accomplishments during the first quarter of 2009, and we look forward to presenting clinical data at the American Society of Clinical Oncology meeting and the European Hematology Society meeting in the second quarter," stated Christian Itin, President and CEO of Micromet, Inc.

Financial Results:

Quarter Ended March 31, 2009

For the three months ended March 31, 2009, Micromet recognized total revenues of $7.5 million, compared to $5.9 million for the same period in 2008. Total operating expenses were $12.4 million for the three months ended March 31, 2009, compared to $13.3 million for the same period in 2008.

Loss from operations for the three months ended March 31, 2009 was $4.9 million, compared to a loss from operations of $7.3 million for the same period in 2008.

For the three months ended March 31, 2009, Micromet reported a net loss of $0.3 million, or a loss of $0.01 per basic and diluted common share, compared to a net loss of $5.9 million, or $0.14 per basic and diluted common share, for the same period in 2008. The net loss for the three months ending March 31, 2009 includes a non-cash gain of $4.4 million, reflecting a decrease during the quarter in the fair value of warrants issued in connection with a private placement transaction in 200
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SOURCE Micromet, Inc.
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