BETHESDA, Md., March 13 Micromet, Inc.(Nasdaq: MITI), a biopharmaceutical company focusing on the development ofnovel, proprietary antibodies for the treatment of cancer, inflammation andautoimmune diseases, today announced its financial results for the fourthquarter and the full year ended December 31, 2007. As a result of the reversemerger between Micromet AG and CancerVax Corporation that was completed on May5, 2006, the financial information included below for the fiscal year 2006consists of Micromet AG's historical financial results for the period ofJanuary 1, 2006 to May 5, 2006 without the inclusion of the financial resultsof CancerVax, and the combined results of the two companies thereafter.
Summarizing the events, Christian Itin, Ph.D., President and ChiefExecutive Officer of Micromet said: "In 2007, we have made significantprogress with our BiTE antibodies demonstrating strong clinical activity forMT103 in late-stage non-Hodgkin's lymphoma patients and completing preclinicaldevelopment of MT110, our first BiTE antibody targeting solid tumors. In 2008,we will broaden the clinical program for MT103 and initiate a first clinicaltrial for MT110. We will also advance our earlier-stage BiTE antibodies andreport on results at clinical and scientific conferences. In addition, weexpect to start a phase 2 clinical trial with adecatumumab (MT201) in adjuvantdisease in the second half of 2008. Finally, we will continue to exploreopportunities for new collaborations in 2008."
Quarter Ended December 31, 2007
For the three months ended December 31, 2007, Micromet recognized revenuesof $7.0 million, compared to $13.8 million for the same period in 2006.Included in 2006 revenues was the receipt of a $10.0 million milestone paymentfrom Merck Serono following the completion of two phase 2 clinical trials foradecatumumab. Total operating expenses were $13.1 million for the three monthsended December 31, 2007, compared to $10.9 million for the same period in 2006.For the three months ended December 31, 2007, Micromet reported a net loss of$3.8 million, or $0.09 per basic and diluted share, compared to net income of$3.4 million, or $0.11 per basic and diluted share, for the same period in2006. The positive net income in 2006 was due primarily to the milestonepayment received from Merck Serono.
Year Ended December 31, 2007
Revenues for the year ended December 31, 2007 were $18.4 million, comparedto $27.6 million for 2006. For the year ended December 31, 2007, Micrometreported operating expenses of $43.6 million, compared to $61.2 million forthe same period in 2006. In connection with the merger with CancerVax,Micromet recorded a non-recurring, non-cash charge of $20.9 million in thesecond quarter of 2006 due to the immediate write-off of CancerVax's in-process research and development programs. For the year ended December 31,2007, net loss was $20.1 million, or $0.55 per basic and diluted share,compared to $34.0 million, or $1.29 per basic and diluted share, for 2006.
Micromet's cash and cash equivalents were $27.1 million as of December 31,2007. Net cash used in operating activities was $14.3 million for the yearended December 31, 2007 and $15.4 million in 2006. Based on the status of ourdevelopment programs, management believes that the cash balance at December 31,2007 is sufficient to fund operations into the second quarter of 2009.
Conference Call and Audio Webcast Today, March 13, 2007, at 9:00am EasternTime
To participate in this conference call, dial 800-561-2813 (U.S.) or617-614-3529 (international), passcode: 29595857. The audio webcast can beaccessed at: www.micromet-inc.com in the investor relations section of thewebsite.
A replay of the call will be available from 11:00 am Eastern Time on March13, 2008 (4:00 pm Central European Time) through Thursday, March 20, 2008. Thereplay number is 888