Micromet Reports Second Quarter 2010 Financial Results

Micromet Reports Second Quarter 2010 Financial Results

Company to Host Conference Call Today at 8:30 AM ET to Review Financial Results and Recent Corporate Progress


BETHESDA, Md., Aug 05, 2010 (BUSINESS WIRE) -- Micromet, Inc. (Nasdaq:MITI), a biopharmaceutical company focused on the development and commercialization of next-generation antibodies for the treatment of cancer, today announced its financial results for the second quarter and six months ended June 30, 2010.

"Data reported during the quarter continue to reinforce blinatumomab's potential role in the treatment of patients with acute lymphoblastic leukemia (ALL) and strongly support our development plans in this disease setting," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer. "In the third quarter we will initiate two clinical studies that will serve as the foundation of a broader development program aimed at confirming blinatumomab's potential utility across the treatment continuum of patients with ALL."

Recent Events:


In June, investigators reported updated results from a Phase 2 clinical trial of blinatumomab in adult patients with minimal residual disease (MRD) positive ALL at the 15th Annual Congress of the European Hematology Association (EHA). In this trial, a prolonged hematologic relapse free survival was observed in patients treated with blinatumomab.
In June, the Company announced the presentation of updated results from an on-going Phase 1 clinical trial of blinatumomab in patients with relapsed non-Hodgkin's lymphoma at EHA. A high objective response rate was maintained among patients treated with blinatumomab using an adapted schedule, comparable to that previously reported in patients receiving constant dosing.
In June, investigators presented interim results from a Phase 1 clinical trial of the Company's BiTE antibody MT110 in patients with advanced solid tumors at the 2010 American Society of Clinical Oncology Annual Meeting. Enrollment and treatment of patients in this dose-finding study continues.
In June, the Company announced the publication of pre-clinical data of new BiTE antibodies in the Proceedings of the National Academy of Sciences.
In May, the Company entered into a collaboration agreement with Boehringer Ingelheim for the research, development and commercialization of a new BiTE antibody for the treatment of multiple myeloma.
At the April 2010 American Association for Cancer Research Annual Meeting, the Company and its collaborators reported pre-clinical data characterizing new BiTE antibodies targeting 11 tumor-associated antigens, including CEA, EGFR, IGFR-1, cMet and FAP-alpha.
In April, the Company announced that it had achieved a milestone under its collaboration agreement with Bayer Schering Pharma AG. The milestone was triggered by Micromet's achievement of pre-clinical proof of concept for a BiTE antibody for the treatment of patients with solid tumors.
In August, the Company informed investigators participating in a Phase 2 trial of adecatumumab (MT201) in patients with resected liver metastases from colorectal cancer that enrollment in the study has been discontinued due to a change in the standard of care in this disease setting.

Financial Resultsfor the Three and Six Months Ended June 30, 2010

Three Months Ended June 30, 2010

For the three months ended June 30, 2010, Micromet recognized total revenues of $6.5 million, compared to $4.9 million for the same period in 2009. Total operating expenses were $17.4 million for the three months ended June 30, 2010, compared to $12.6 million for the same period in 2009.

Loss from operations for the three months ended June 30, 2010 was $10.9 million, compared to a loss from operations of $7.6 million for the same period in 2009.

For the three months ended June 30, 2010, Micromet reported a net loss of $3.1 million, or a loss of $0.04 per basic and diluted common share, compared to a net loss of $13.9 million, or a loss of $0.27 per basic and diluted common share, for the same period in 2009.

Six Months Ended June 30, 2010

For the six months ended June 30, 2010, Micromet recognized total revenues of $12.9 million, compared to $12.4 million for the same period in 2009. Total operating expenses were $34.8 million for the six months ended June 30, 2010, compared to $25.0 million for the same period in 2009.

Loss from operations for the six months ended June 30, 2010 was $22.0 million, compared to a loss from operations of $12.6 million for the same period in 2009.

For the six months ended June 30, 2010, Micromet reported a net loss of $19.4 million, or a loss of $0.26 per basic and diluted common share, compared to a net loss of $14.3 million, or $0.28 per basic and diluted common share, for the same period in 2009.

Micromet's cash, cash equivalents and investments were $170.0 million as of June 30, 2010.

Webcast and Conference Call

Micromet management will host a conference call today at 8:30 AM ET to review the Company's second quarter 2010 results and recent corporate progress. To participate in the conference call, please dial 866-730-5763 (domestic) or 857-350-1587 (international) and reference the access code 46379708. The presentation will be available via webcast at: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=197259&eventID=3196706

A replay of the call will be available from 11:30 AM ET on August 5, 2010 until midnight ET on September 5, 2010. To access the replay, please dial 888-286-8010 (domestic) or 617-801-6888 (international) and reference the access code 58638627. The archived webcast will be available for 30 days in the Investor Relations section of the Micromet website at http://www.micromet.com.

About Micromet, Inc.

Micromet, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibody-based therapies for the treatment of cancer. Its product development pipeline includes novel antibodies generated with its proprietary BiTE(R) technology, as well as conventional monoclonal antibodies. Two of Micromet's BiTE antibodies and three of its conventional antibodies are currently in clinical trials. Micromet has collaborations with a number of leading pharmaceutical and biotechnology companies, including Bayer Schering Pharma, Boehringer Ingelheim, MedImmune, Merck Serono, Nycomed and sanofi-aventis. Additional information can be found at http://www.micromet.com.

Safe Harbor Statement

This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding the development and commercialization of blinatumomab and other BiTE antibodies, including the development of BiTE antibodies for the treatment of hematological cancers and the conduct and timing of ongoing and future clinical trials involving these product candidates, as well as plans regarding our regulatory strategy and announcements and publication of clinical data. You are urged to consider statements that include the words "continues," "will," "believes," "potential," "plans," "intends," or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risk that blinatumomab or our other product candidates do not demonstrate safety and/or efficacy in future clinical trials, delays in development and testing, including the risk that we will not obtain approval to market blinatumomab or our other BiTE antibodies, and the risks associated with reliance on outside financing to meet capital requirements. These factors and others are more fully discussed in Micromet's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, filed with the SEC on March 5, 2010, and Micromet's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, filed with the SEC on May 5, 2010, as well as other filings by the Company with the SEC.

 
Micromet, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except par value)
 
  June 30,  December 31,
   2010    2009 
  (unaudited)  
 
Assets    
Current assets:     
Cash and cash equivalents   $  112,734    $  113,434  
Short-term investments    38,244     4,169  
Accounts receivable    3,132     464  
Prepaid expenses and other current assets    1,005     2,156  
Total current assets    155,115     120,223  
Property and equipment, net    3,695     3,959  
Goodwill    6,462     6,462  
Patents, net    525     1,016  
Other long-term assets    10     -  
Long-term investments    19,056     -  
Restricted cash    3,039     3,153  
Total assets  $ 187,902   $ 134,813 
    
Liabilities and Stockholders' Equity    
Current liabilities:     
Accounts payable   $  4,573    $  6,053  
Accrued expenses    9,924     16,360  
Common stock warrants liability    17,973     20,244  
Current portion of deferred revenue    10,162     9,838  
Total current liabilities    42,632     52,495  
Deferred revenue, net of current portion    20,579     13,281  
Other non-current liabilities    1,805     2,196  
Stockholders' equity:     
Preferred stock, $0.00004 par value; 10,000 shares authorized; no shares issued and outstanding    -     -  
Common stock, $0.00004 par value; 150,000 shares authorized; 80,991 shares issued and outstanding at June 30, 2010 and 69,178 shares issued and outstanding December 31, 2009    3     3  
Additional paid-in capital    394,573     314,627  
Accumulated other comprehensive income    3,558     8,062  
Accumulated deficit    (275,248  )    (255,851  ) 
Total stockholders' equity    122,886     66,841  
Total liabilities and stockholders' equity  $ 187,902   $ 134,813 
    
 
Micromet, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended  Six Months Ended
  June 30,  June 30,
   2010    2009    2010    2009 
Revenues        
Collaboration agreements   $  6,523    $  4,594    $  12,563    $  11,900  
License fees and other    26     336     296     493  
Total revenues   6,549    4,930    12,859    12,393 
Operating expenses        
Research and development    12,013     8,803     24,216     17,280  
General and administrative    5,388     3,776     10,608     7,675  
Total operating expenses   17,401    12,579    34,824    24,955 
Loss from operations   (10,852 )   (7,649 )   (21,965 )   (12,562 )
Other income (expense)        
Interest expense    (61  )    (94  )    (148  )    (170  ) 
Interest income    115     141     230     280  
Change in fair value of warrants    7,878     (6,261  )    2,271     (1,829  ) 
Other income (expense)    (224  )    (82  )    215     4  
Net loss  $ (3,144 )  $ (13,945 )  $ (19,397 )  $ (14,277 )
Basic and diluted net loss per common share   $  (0.04  )   $  (0.27  )   $  (0.26  )   $  (0.28  ) 
Weighted average shares used to compute basic and diluted net loss per share    80,857     51,480     75,954     51,198  
        

SOURCE: Micromet, Inc.

Micromet, Inc.Jennifer NeimanDirector, Corporate [email protected]
 

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