Micromet Expands Committed Equity Financing Facility to $...( BETHESDA Md. Dec. 2 /- Micromet Inc. ...),Health

BETHESDA, Md., Dec. 2 /PRNewswire-FirstCall/ -- Micromet, Inc. (Nasdaq: MITI), a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases, today announced that it has entered into an agreement expanding its Committed Equity Financing Facility (CEFF) with Kingsbridge Capital Limited, a private investment group. Under the terms of the agreement, Kingsbridge has committed to provide up to $75 million of capital during the next three years through the purchase of newly-issued shares of Micromet's common stock. Micromet has no obligation to access the facility and will have full control over the amount and the timing of any financing under the facility, subject to certain conditions outlined below. This agreement replaces the Company's 2006 CEFF agreement under which Kingsbridge had committed up to $25 million of capital. The Company did not raise capital under the 2006 CEFF.

"We believe that the closing of our recent $40 million PIPE financing puts us in a strong financial position. The expanded CEFF provides Micromet with additional financial strength and flexibility, which has never been more important than in the current financial environment," stated Dr. Christian Itin, President and CEO of Micromet.

Key provisions of the CEFF are as follows:

-- After the Securities and Exchange Commission (SEC) declares effective the registration statement to be filed by Micromet covering the resale of the shares of common stock issuable in connection with the new CEFF, Micromet can access up to $75 million from Kingsbridge through December 1, 2011, in exchange for newly-issued shares of Micromet's common stock, subject to the terms of the CEFF. The maximum amount of the new CEFF will be reduced by any amounts drawn down on the August 2006 CE
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