Micromet, Inc. Reports Second Quarter 2008 Financial Results
Summary of Recent Events:
In June, Micromet and MedImmune presented a clinical update for theBiTE(R) antibody blinatumomab (MT103/MEDI-538) at the International Conferenceon Malignant Lymphoma in Lugano, Switzerland. All seven patients with relapsednon-Hodgkin's lymphoma treated with blinatumomab at the highest dose levelpresented at the conference responded to the treatment with partial orcomplete responses. Responses also appeared to be durable. The most frequentside effects observed so far were lymphopenia, pyrexia and leukopenia. Lesscommon adverse events included transient neutropenia and thrombocytopenia,transient increase of liver enzymes and central nervous system events, all ofwhich were fully reversible. In addition, Micromet and MedImmune commencedtreatment of patients with acute lymphoblastic leukemia in a phase 2 clinicaltrial of blinatumomab.
Also in June, Micromet received a milestone payment of $775,000 fromNycomed in connection with the initiation of formal preclinical safety studiesfor antibody MT203, which has potential applications in the treatment ofinflammatory and autoimmune diseases.
In April, Micromet announced the initiation of the first phase 1 clinicaltrial with its BiTE antibody MT110. The study will explore the safety,pharmacokinetics, pharmacodynamics and anti-tumor activity of MT110 inpatients with lung cancer and patients with gastrointestinal cancer. MT110targets the epithelial cell adhesion molecule (EpCAM or CD326), which ishighly expressed on colon, lung, breast, prostate, ovarian, gastric andpancreatic cancer cells and on cancer stem cells of colon, breast, prostateand pancreas cancers. Cancer stem cells are believed to cause metastases andrecurrence of these cancers.
Also in April, Micromet presented five posters at the American Associationfor Cancer Research (AACR) showing recent progress on the company'sproprietary BiTE antibody platform and new BiTE antibodies:
-- Anti-cancer antibodies in marketed products Herceptin(R), Erbitux(R)and Vectibix(R) and the anti-asthma antibody in Xolair(R) were successfullyconverted to highly potent BiTE antibodies.
-- Animal data from two studies indicated feasibility of subcutaneousadministration of BiTE antibodies MT103 and MT110.
-- Animal data provided proof of concept for a BiTE antibody targetingCD33 with potential use in the treatment of acute myelogenic leukemia (AML),and a BiTE antibody targeting MCSP with potential use in the treatment ofmelanoma.
-- Animal data suggested a therapeutic window for a BiTE antibodytargeting EpCAM in a relevant animal species.
Summarizing the events, Christian Itin, Ph.D., President and ChiefExecutive Officer of Micromet said: "We have made significant progress withthe BiTE antibody platform introducing new BiTE antibodies that target a widerange of tumor indications and converting currently marketed therapeuticantibodies into potent BiTE antibodies with much increased activity againsttumor cells. We believe that the progress on our proprietary BiTE antibodyplatform will allow us to expand our own product pipeline, while at the sametime engaging in new collaborations on selected BiTE antibody programs."
Quarter Ended June 30, 2008
For the three months ended June 30, 2008, Micromet recognized totalrevenues of $8.5 million, compared to $3.1 million for the same period in2007. Total operating expenses were $14.4 million for the three months endedJune 30, 2008, compared to $11.1 million for the same period in 2007. For thethree m
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