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news.Micromet, a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases, has closed its previously announced $40 million private placement financing.
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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.
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.
Christian Itin, president and CEO of Micromet, said: “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.”