Results
Index Growth makes first biotech investment in Micromet
October 03 2008
Funding Proceeds to Support R&D Efforts and Clinical Trials Advancing the BiTE Therapeutic Antibody Platform.
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 closed its previously announced $40 million private placement financing. Participants include leading biotechnology investors Index Ventures Growth, Abingworth, DAFNA Capital Management, LLC, and Merlin Nexus, among others. Certain Micromet board members and affiliated entities also participated in the offering. The transaction was announced on September 30 and closed on October 2.Micromet's President and CEO, Christian Itin stated: "We are very pleased to have completed this financing under these challenging market conditions, 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."
Under the terms of the financing, 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, 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.
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 on or before November 3, 2008. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended.
Back to top
