Micromet Announces Definitive Agreement for $40 Million Private Equity Placement
01 October 2008 - 12:22AM
PR Newswire (US)
Funding Proceeds to Support R&D Efforts and Clinical Trials
Advancing the BiTE Therapeutic Antibody Platform BETHESDA, Md.,
Sept. 30 /PRNewswire-FirstCall/ -- Micromet, Inc. (NASDAQ: MITI)
("Micromet" or the "Company"), a biopharmaceutical company
developing novel, proprietary antibodies for the treatment of
cancer, inflammation and autoimmune diseases, today announced that
it has entered into a definitive agreement with various
institutional investors to raise $40 million in a private placement
of its common stock and warrants. Under the terms of the definitive
agreement, Micromet is expected to sell approximately 9.4 million
shares of common stock and warrants to purchase approximately 2.8
million shares of common stock at a total purchase price of $4.25
per unit, with each unit consisting of one share of common stock
and a warrant to purchase 0.30 shares of common stock. The warrants
are exercisable at $4.63 per share and will expire five years after
the date of grant. The closing of the transaction, which is
expected to occur on or about October 2, 2008, is subject to
customary closing conditions. Piper Jaffray & Co. served as
sole bookrunning lead placement agent, with RBC Capital Markets
acting as co-lead placement agent, and Natixis Bleichroeder serving
as financial advisor on the offering. The net proceeds of the
financing will be used for continued research and development of
Micromet's product candidates and operational expenses including
the advancement of clinical trials for the company's lead BiTE
antibody blinatumomab (MT103/MEDI-538). This news release is not an
offer to sell or the solicitation of an offer to buy the securities
discussed herein. These securities have not been registered under
the Securities Act of 1933, as amended, or any state securities
laws and may not be offered or sold in the United States absent
registration with the Securities and Exchange Commission (SEC) or
an applicable exemption from the registration requirements.
Micromet, Inc. has agreed to file a registration statement with
respect to the shares within 30 calendar days after the closing
date. This news release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act of 1933, as
amended. About Micromet, Inc. Micromet, Inc. is a biopharmaceutical
company developing novel, proprietary antibodies for the treatment
of cancer, inflammation and autoimmune diseases. Four of its
antibodies are currently in clinical trials, while the remainder of
the product pipeline is in preclinical development. The BiTE(R)
antibody blinatumomab (MT103/MEDI-538) is in a phase 2 clinical
trial for the treatment of patients with acute lymphoblastic
leukemia and in a phase 1 clinical trial for the treatment of
patients with non-Hodgkin's lymphoma. BiTE antibodies represent a
new class of antibodies that activate a patient's own cytotoxic T
cells, considered the most powerful "killer cells" of the human
immune system, to eliminate cancer cells. Micromet is developing
blinatumomab in collaboration with MedImmune, Inc., a subsidiary of
AstraZeneca plc. MT110 is the second BiTE antibody in clinical
trials, and is being developed by Micromet in a phase 1 clinical
trial for the treatment of patients with lung or gastrointestinal
cancer. The third clinical stage antibody is adecatumumab, also
known as MT201, a human monoclonal antibody that targets epithelial
cell adhesion molecule (EpCAM)-expressing solid tumors. Micromet is
developing adecatumumab in collaboration with Merck Serono in a
phase 1b clinical trial evaluating adecatumumab in combination with
docetaxel for the treatment of patients with metastatic breast
cancer. The fourth clinical stage antibody is MT293 which is
licensed to TRACON Pharmaceuticals, Inc. and is being developed in
a phase 1 clinical trial for the treatment of patients with cancer.
Three additional BiTE antibodies, targeting CD33, CEA and MCSP,
respectively, are in preclinical development. In addition, Micromet
has established a collaboration with Nycomed for the development
and commercialization of MT203, a human antibody neutralizing the
activity of granulocyte/macrophage colony stimulating factor
(GM-CSF), which has potential applications in the treatment of
various inflammatory and autoimmune diseases, such as rheumatoid
arthritis, psoriasis, or multiple sclerosis. Forward-Looking
Statements 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 completion of the financing described herein, the
efficacy, safety and intended utilization of our product
candidates, the development of our BiTE antibody technology, the
conduct, timing and results of future clinical trials, expectations
of the future expansion of our product pipeline and collaborations,
and our plans regarding future presentations of clinical data. You
are urged to consider statements that include the words "ongoing,"
"may," "will," "believes," "potential," "expects," "plans,"
"anticipates," "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 product candidates that appeared promising in early
research, preclinical studies or clinical trials do not demonstrate
safety and/or efficacy in subsequent clinical trials, the risk that
encouraging results from early research, preclinical studies or
clinical trials may not be confirmed upon further analysis of the
detailed results of such research, preclinical study or clinical
trial, the risk that additional information relating to the safety,
efficacy or tolerability of our product candidates may be
discovered upon further analysis of preclinical or clinical trial
data, the risk that we or our collaborators will not obtain
approval to market our product candidates, the risks associated
with reliance on outside financing to meet capital requirements,
and the risks associated with reliance on collaborators, including
MedImmune, Merck Serono, TRACON and Nycomed, for the funding or
conduct of further development and commercialization activities
relating to our product candidates. These factors and others are
more fully discussed in Micromet's Annual Report on Form 10-K for
the fiscal year ended December 31, 2007, filed with the SEC on
March 14, 2008, as well as other filings by the company with the
SEC. Any forward-looking statements are made pursuant to Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and, as such,
speak only as of the date made. Micromet, Inc. undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
DATASOURCE: Micromet, Inc CONTACT: US Media: Andrea tenBroek or
Chris Stamm, +1-781-684-0770, ; or European Media: Ludger Wess,
+49(40)8816-5964, ; or US Investors: Susan Noonan, +1-212-966-3650,
; or European Investors: Ines-Regina Buth, +49(30)2363-2768, Web
Site: http://www.micromet-inc.com/
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