http://www.qualitystocks.net/ would like to highlight Micromet, Inc. (NASDAQ: MITI). The company 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® 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.
In the company’s news Friday,
Micromet, Inc. announced they successfully raised $40M in private placement financing for research and development. The company, which develops antibodies for cancer treatments, publicized the transaction Sept. 30 and closed Oct. 2. Those who invested include Index Ventures Growth, Abingworth, DAFNA Capital Management, LLC, and Merlin Nexus. Micromet board members and affiliates also participated.
“We are very pleased to have completed this financing under these challenging market conditions,” said Micromet’s President and CEO Christian Itin, “and we were gratified by the strong support of Micromet and the significant interest of the investors in this private placement. The proceeds from this financing will be used to advance our clinical antibody programs and to broaden our BiTE antibody pipeline.”
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, the company explains.
Four of Micromet’s cancer treatment antibodies are currently in clinical trials, while the remainder of its product line is in preclinical development. Those under trial include — blinatumomab (for leukemia), in cooperation with Medimmune, Inc.; blinatumomab M110; adecatumumab, in collaboration with Merck Serono; and MT293, licensed to TRACON Pharmaceuticals.
“Micromet sold 9.4 million shares of common stock and warrants to purchase 2.8 million shares of common stock at a total purchase price of $4.25 per unit,” a company news release states. “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 expire five years after the date of grant.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
