Rockville-based Micromet, Inc reported financial results for the second quarter of 2011 ended June 30.
The biotechnology company developing new treatments for cancer said revenues totaled $7.062 Million in the quarter, a small increase from $6.5 Million in the second quarter ended the same time last year.
Net loss widened by a large margin falling over $13 Million to $17.3 Million ($-0.19 cents per basic and diluted share) in the quarter versus a net loss of $4.062 Million ($-0.05 cents per basic and diluted share) in 2010.
Christian Itin, Ph.D., Micromet's President and Chief Executive Officer stated, "Over the past three months, we presented initial data demonstrating blinatumomab's high complete response rate in patients with relapsed acute lymphoblastic leukemia (ALL) and announced a new, multi-target BiTE collaboration with Amgen," Itin continued "We look forward to expanding our clinical trials in ALL and expect to release additional blinatumomab data at ASH."
The company also burned through cash and cash equivalents. By the end of the quarter, Micromet had $50.68 Million at hand, a retention of a little over half of the $97.5 Million it had at the end of last year.
The company recently formed a collaboration agreement with biotech giant Amgen to develop drugs utilizing BiTE antibodies against tumor targets. The deal is worth nearly $1 Billion.