Micromet secures $120 million despite sagging economy

Biopharmaceutical company Micromet closed $80.5 million in funding last month after a public offering of 14 million shares of common stock. Earlier in the year, the company raised $40 million.

The company’s main product is the BiTE antibody blinatumomab (MT103), which is currently in a phase II trial for the treatment of acute lymphoblastic leukemia (ALL).

Preliminary results from the phase II German Multicenter ALL Study Group (GMALL) were presented at the 2009 Congress of the European Hematology Association in Berlin. Eighty-one percent of the evaluated patients showed a minimal residual disease response, according to Micromet.