Micromet Announces Definitive
Agreement for $8.0 Million Private Placement (Press Release Source:
Micromet Inc.) Monday July 24, 3:06 am ET
CARLSBAD, CA--(MARKET WIRE)--Jul 24, 2006 --
Carlsbad, CA, - July 24, 2006 - Micromet, Inc. (NASDAQ:MITI -
News), a transatlantic biotechnology company focused on the development
of antibody-based pharmaceutical products for the treatment of
cancer, autoimmune and inflammatory diseases, today announced
that it has entered into a definitive agreement with funds managed
by NGN Capital LLC to raise approximately $8.0 million in a private
placement. Under the terms of the financing, Micromet is expected
to sell 2,222,222 shares of common stock at $3.60 per share, a
discount of 7.8% to the closing price of Friday, July 21, 2006.
In addition, funds managed by NGN Capital LLC will receive warrants
to purchase 555,556 shares of common stock at $5.00 per share.
Cowen and Company served as the exclusive placement agent on the
offering.
The net proceeds of the financing will be used for continued
research and development of Micromet's product candidates and
the relocation of its United States headquarters to the East Coast.
Dr. Peter Johann, a Managing General Partner of NGN Capital LLC,
will join the Company's board of directors.
"We would like to welcome Peter to the board. Peter has
longstanding experience in the commercialization of pharmaceuticals
and served in senior functions running corporate and business
development at pharmaceutical companies. His experience fits well
with the corporate goals of an emerging biopharmaceutical company
like Micromet," commented Christian Itin, President and CEO
of Micromet, Inc.
"NGN is very familiar with Micromet and its exciting pipeline
and BiTE® platform technology. We are delighted to have the
opportunity to make an investment in such an outstanding company.
We look forward to working with the Board of Directors and the
management of the company to enhance the value of Micromet,"
said Peter Johann.
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 45
days following the closing of the private placement. This news
release is being issued pursuant to and in accordance with Rule
135c under the Securities Act of 1933, as amended.
Contact Information
Investors: Ines-Regina Buth
(760) 494-4235 (US)
+49 (0)89 895277 221 (Europe)
ines.buth@micromet-inc.com
Media Europe: Evelyn Wolf
+49 (0)89 895277 220
evelyn.wolf@micromet-inc.com
Media US: Susan Noonan
(212) 966-3650
susan@sanoonan.com
About Micromet, Inc. (www.micromet-inc.com
)
Micromet, Inc. is a biopharmaceutical company with a focus on
the development of novel, proprietary antibody-based products
for cancer and inflammatory and autoimmune diseases. Two product
candidates are currently in clinical trials. Adecatumumab (MT201),
a recombinant human monoclonal antibody, is being evaluated in
Phase 2 clinical trials for the treatment of patients with breast
cancer and prostate cancer. MT103 is being studied in a Phase
1 clinical trial for the treatment of patients with Non Hodgkin
Lymphoma. Micromet has established a drug development platform
based on its BiTE® technology, a unique, antibody-based format
that leverages the cytotoxic potential of T cells, the most powerful
'killer cells' of the human immune system. Micromet has established
collaborations with MedImmune, Inc. and Serono.
About NGN Capital
NGN Capital is a global healthcare venture capital investment
firm with offices in New York, NY, Heidelberg, Germany, and Greenwich,
CT. NGN has investment capabilities across a broad spectrum of
healthcare segments, including drug products, medical devices,
and healthcare services, with an emphasis on later-stage opportunities.
Contact: John R. Costantino, or Dr. Peter Johann
+1 212-972-0077
jcostantino@ngncapital.com;
pjohann@ngncapital.com
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