Micromet Agreees To $40 Million Private Placement

Sep 30, 2008 (financialwire.net via COMTEX) -- MITI | Quote | Chart | News | PowerRating -- September 30, 2008 (FinancialWire) -- Biopharmaceutical firm Micromet, Inc. (NASDAQ: MITI | Quote | Chart | News | PowerRating) (Current Market Cap: US$181.06 Mil.) said 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 agreement, Micromet is to sell around 9.4 million shares of common stock and warrants to purchase around 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 deal is scheduled to close on or about October 2. Piper Jaffray & Co. served as sole bookrunning lead placement agent.

Micromet will use the net proceeds of the financing for continued research and development of its product candidates and operational expenses including the advancement of clinical trials for the company's lead BiTE antibody blinatumomab.

Bethesda, Maryland-based Micromet is a biopharmaceutical company developing novel antibodies for the treatment of cancer, inflammation and autoimmune diseases. Four of its antibodies are currently in clinical trials, while the remainder of the company's product pipeline is in preclinical development.

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