Micromet closed $40M private placing

Micromet, a US biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases, says that it has closed its previously-announced $40.0 million private placement financing. Participants include leading biotechnology investors Index Ventures Growth, Abingworth, DAFNA Capital Management 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 chief executive, 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."

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.