Micromet, Inc. Elects Joseph P. Slattery to Board of Directors
Bethesda, MD - November 14, 2007 - 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 the Board
of Directors of the Company appointed Joseph P. Slattery as a member
of the Board and as chairman of its audit committee. The appointment
will be effective as of November 16, 2007. Mr. Slattery replaces
Phillip Schneider who resigned as a member of the Board and as
chairman of the audit committee, effective as of the same date. The
number of Board members remains unchanged at nine members.
"We welcome Joe Slattery to our Board of Directors," commented
Christian Itin, President and Chief Executive Officer, and a member
of Micromet's Board. "Joe's financial and industry experience will be
invaluable in continuing the high standard for oversight over the
financial affairs of Micromet that was set by Phil Schneider. We
thank Phil for his service and contributions to the Board and the
Company."
"We would like to thank Phil Schneider for his support and guidance
during the integration process following the merger between CancerVax
and Micromet in May of last year," said David F. Hale, Chairman of
Micromet's Board of Directors. "With Joe Slattery, we have an
accomplished financial expert with recent operational experience,
which enhances the skills and resources already represented on our
Board."
Mr. Slattery was Senior Vice President and Chief Financial Officer of
Digene Corporation, and left that position following the acquisition
of Digene by Qiagen in July 2007. He had joined Digene in 1996 as
its Controller prior to its initial public offering, assumed the
position of Senior Vice President of Finance and Information Systems
in 2002, and was promoted to Chief Financial Officer in October
2006. Before joining Digene, Mr. Slattery served as an audit manager
at KPMG and as a staff auditor at Ernst & Young. He holds a B.S.
degree in accounting from Bentley College and is a certified public
accountant.
The Company and Mr. Schneider anticipate that Mr. Schneider will
enter into a consulting agreement with the Company pursuant to which
he will assist the Company in ensuring an efficient transition of the
audit committee chair responsibilities to Mr. Slattery.
About Micromet, Inc. (www.micromet-inc.com)
Micromet, Inc. is a biopharmaceutical company developing novel,
proprietary antibodies for the treatment of cancer, inflammation and
autoimmune diseases. Three of its antibodies are in clinical
development. MT103 (MEDI-538), the first antibody in Micromet's
product pipeline developed utilizing the BiTE® antibody technology
platform, is being evaluated 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 to
eliminate cancer cells. Micromet is developing MT103 in
collaboration with MedImmune, a subsidiary of Astra Zeneca plc. The
second clinical stage antibody is adecatumumab (MT201), a human
monoclonal antibody targeting EpCAM expressing tumors. Adecatumumab
is being developed by Micromet 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 third clinical stage antibody is MT293 (formerly D93),
also known as TRC093, a first-in-class humanized monoclonal antibody
that inhibits angiogenesis and tumor cell growth by binding cleaved
collagen. MT293, which is currently being tested in a phase 1
clinical trial, is licensed to TRACON Pharmaceuticals, Inc. and is
being developed for the treatment of patients with cancer and
age-related macular degeneration. In addition, Micromet has
established a collaboration with Nycomed for the development and
commercialization of MT203, Micromet's 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.
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. You are urged to consider statements that include the
words "ongoing", "may", "will", "would", "could", "should",
"believes", "estimates", "projects", "potential", "expects",
"suggests", "plans", "anticipates", "intends", "continues",
"forecast", "designed", "goal", or the negative of those words or
other comparable words to be uncertain and forward-looking. These
factors and others are more fully discussed in our periodic reports
and other filings 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.
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Contact Information:
Company: Investors: Media:
Christopher Schnittker, SVP & CFO Susan Noonan Andrea tenBroek
(240) 752-1421 (212) 966-3650 (781) 684-0770
christopher.schnittker@micromet-inc.com susan@sanoonan.com micromet@schwartz-pr.com
