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| 8-K - MICROMET, INC. | v192448_8-k.htm |
Q2 10
Earnings Press Release
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, August 5, 2010 --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.
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|
•
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In
June, the Company announced the publication of pre-clinical data of new
BiTE antibodies in the Proceedings of the National Academy of
Sciences.
|
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•
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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.
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Q2 10 Earnings Press Release
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•
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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 Results for 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
Q2 10 Earnings Press Release
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 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® 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
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.
Contact:
Jennifer
Neiman
Director,
Corporate Communications
Micromet,
Inc.
240-235-0246
jennifer.neiman@micromet.com
Q2 10 Earnings Press Release
Micromet,
Inc.
Condensed
Consolidated Balance Sheets
(In
thousands, except par value)
|
June
30,
2010
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December
31,
2009
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|||||||
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(unaudited)
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|
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Assets
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||||||||
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Current
assets:
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||||||||
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Cash
and cash equivalents
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$ | 112,734 | $ | 113,434 | ||||
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Short-term
investments
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38,244 | 4,169 | ||||||
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Accounts
receivable
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3,132 | 464 | ||||||
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Prepaid
expenses and other current assets
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1,005 | 2,156 | ||||||
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Total
current assets
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155,115 | 120,223 | ||||||
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Property
and equipment, net
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3,695 | 3,959 | ||||||
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Goodwill
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6,462 | 6,462 | ||||||
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Patents,
net
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525 | 1,016 | ||||||
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Other
long-term assets
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10 | - | ||||||
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Long-term
investments
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19,056 | - | ||||||
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Restricted
cash
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3,039 | 3,153 | ||||||
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Total
assets
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$ | 187,902 | $ | 134,813 | ||||
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Liabilities
and Stockholders’ Equity
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||||||||
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Current
liabilities:
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||||||||
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Accounts
payable
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$ | 4,573 | $ | 6,053 | ||||
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Accrued
expenses
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9,924 | 16,360 | ||||||
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Common
stock warrants liability
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17,973 | 20,244 | ||||||
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Current
portion of deferred revenue
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10,162 | 9,838 | ||||||
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Total
current liabilities
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42,632 | 52,495 | ||||||
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Deferred
revenue, net of current portion
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20,579 | 13,281 | ||||||
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Other
non-current liabilities
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1,805 | 2,196 | ||||||
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Stockholders’
equity:
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||||||||
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Preferred
stock, $0.00004 par value; 10,000 shares authorized; no shares issued and
outstanding
|
- | - | ||||||
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Common
stock, $0.00004 par value; 150,000 shares authorized; 80,991 shares issued
and outstanding at June 30, 2010 and 69,178 shares issued and outstanding
December 31, 2009
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3 | 3 | ||||||
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Additional
paid-in capital
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394,573 | 314,627 | ||||||
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Accumulated
other comprehensive income
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3,558 | 8,062 | ||||||
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Accumulated
deficit
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(275,248 | ) | (255,851 | ) | ||||
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Total
stockholders´ equity
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122,886 | 66,841 | ||||||
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Total
liabilities and stockholders’ equity
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$ | 187,902 | $ | 134,813 | ||||
Q2 10 Earnings Press Release
Micromet,
Inc.
Condensed
Consolidated Statements of Operations
(In
thousands, except per share amounts)
(Unaudited)
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
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2010
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2009
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2010
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2009
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Revenues
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Collaboration
agreements
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$ | 6,523 | $ | 4,594 | $ | 12,563 | $ | 11,900 | ||||||||
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License
fees and other
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26 | 336 | 296 | 493 | ||||||||||||
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Total
revenues
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6,549 | 4,930 | 12,859 | 12,393 | ||||||||||||
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Operating
expenses
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||||||||||||||||
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Research
and development
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12,013 | 8,803 | 24,216 | 17,280 | ||||||||||||
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General
and administrative
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5,388 | 3,776 | 10,608 | 7,675 | ||||||||||||
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Total
operating expenses
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17,401 | 12,579 | 34,824 | 24,955 | ||||||||||||
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Loss
from operations
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(10,852 | ) | (7,649 | ) | (21,965 | ) | (12,562 | ) | ||||||||
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Other
income (expense)
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||||||||||||||||
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Interest
expense
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(61 | ) | (94 | ) | (148 | ) | (170 | ) | ||||||||
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Interest
income
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115 | 141 | 230 | 280 | ||||||||||||
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Change
in fair value of warrants
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7,878 | (6,261 | ) | 2,271 | (1,829 | ) | ||||||||||
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Other
income (expense)
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(224 | ) | (82 | ) | 215 | 4 | ||||||||||
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Net
loss
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$ | (3,144 | ) | $ | (13,945 | ) | $ | (19,397 | ) | $ | (14,277 | ) | ||||
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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 | ||||||||||||