In a new sign that investors may be warming to biotech stock offerings, Micromet has outlined plans to raise between $70 million and $80 million from the sale of up to 16.1 million shares. The news comes on the heels of an announcement earlier this week that Human Genome Sciences will seek $310 million from the public market after a batch of positive lupus data jazzed its stock price.
Good data from Micromet's mid-stage leukemia study last month buoyed the company's share price. And the company, which is based in Bethesda and Munich, says that it will use its new funds to pursue possible acquisitions, ongoing drug research and trials for its five antibodies in the clinic for cancer, inflammation and autoimmune diseases. This is the fourth time that Micromet has raised funds through a share offering since last fall, notes the Washington Business Journal.
On June 8, Micromet presented Phase II clinical data of the BiTE antibody blinatumomab (MT103) showing a high response rate in acute lymphoblastic leukemia patients with minimal residual disease. Blinatumomab activates a patient's T cells to seek out and destroy cancer cells.
- read the Miromet release
- check out the story from the Washington Business Journal
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