BETHESDA, Md., Nov. 14 Micromet, Inc.(Nasdaq: MITI) ("Micromet" or the "Company"), a biopharmaceutical companydeveloping novel, proprietary antibodies for the treatment of cancer,inflammation and autoimmune diseases, today announced that the Board ofDirectors of the Company appointed Joseph P. Slattery as a member of the Boardand as chairman of its audit committee. The appointment will be effective asof November 16, 2007. Mr. Slattery replaces Phillip Schneider who resigned asa member of the Board and as chairman of the audit committee, effective as ofthe same date. The number of Board members remains unchanged at nine members.
"We welcome Joe Slattery to our Board of Directors," commented ChristianItin, President and Chief Executive Officer, and a member of Micromet's Board."Joe's financial and industry experience will be invaluable in continuing thehigh standard for oversight over the financial affairs of Micromet that wasset by Phil Schneider. We thank Phil for his service and contributions to theBoard and the Company."
"We would like to thank Phil Schneider for his support and guidance duringthe integration process following the merger between CancerVax and Micromet inMay of last year," said David F. Hale, Chairman of Micromet's Board ofDirectors. "With Joe Slattery, we have an accomplished financial expert withrecent operational experience, which enhances the skills and resources alreadyrepresented on our Board."
Mr. Slattery was Senior Vice President and Chief Financial Officer ofDigene Corporation, and left that position following the acquisition of Digeneby Qiagen in July 2007. He had joined Digene in 1996 as its Controller priorto its initial public offering, assumed the position of Senior Vice Presidentof Finance and Information Systems in 2002, and was promoted to ChiefFinancial Officer in October 2006. Before joining Digene, Mr. Slattery servedas an audit manager at KPMG and as a staff auditor at Ernst & Young. He holdsa B.S. degree in accounting from Bentley College and is a certified publicaccountant.
The Company and Mr. Schneider anticipate that Mr. Schneider will enterinto a consulting agreement with the Company pursuant to which he will assistthe Company in ensuring an efficient transition of the audit committee chairresponsibilities to Mr. Slattery.
About Micromet, Inc. (www.micromet-inc.com)
Micromet, Inc. is a biopharmaceutical company developing novel,proprietary antibodies for the treatment of cancer, inflammation andautoimmune diseases. Three of its antibodies are in clinical development.MT103 (MEDI-538), the first antibody in Micromet's product pipeline developedutilizing the BiTE(R) antibody technology platform, is being evaluated in aphase 2 clinical trial for the treatment of patients with acute lymphoblasticleukemia, and in a phase 1 clinical trial for the treatment of patients withnon-Hodgkin's lymphoma. BiTE antibodies represent a new class of antibodiesthat activate a patient's own cytotoxic T cells to eliminate cancer cells.Micromet is developing MT103 in collaboration with MedImmune, a subsidiary ofAstra Zeneca plc. The second clinical stage antibody is adecatumumab (MT201),a human monoclonal antibody targeting EpCAM expressing tumors. Adecatumumab isbeing developed by Micromet in collaboration with Merck Serono in a phase 1bclinical trial evaluating adecatumumab in combination with docetaxel for thetreatment of patients with metastatic breast cancer. The third clinical stageantibody is MT293 (formerly D93), also known as TRC093, a first-in-classhumanized monoclonal antibody that inhibits angiogenesis and tumor cell growthby binding cleaved collagen. MT293, which is currently being tested in aphase 1 clinical trial, is licensed to TRACON Pharmaceuticals, Inc. and isbeing developed for the treatment of patients with cancer and age-relatedmacular degeneration. In addition, Microme