Micromet swings to 4Q profit on payment |
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Fri, 16 Mar 2007 18:02
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CARLSBAD, Calif. (AP) - Biotech drug developer Micromet Inc. said Friday it swung to a fourth-quarter profit primarily from a milestone payment received from Merck Serono SA, a division of German drug and chemical maker Merck KGaA.Shares jumped 70 cents, or 24.1 percent, to $3.60 in afternoon trading on the Nasdaq Stock Market at nearly 15 times their average volume. The stock has traded between $1.82 and $9.33 over the past 52 weeks.Micromet reported a profit of $3.4 million, or 11 cents per share, from a loss of $6.7 million, or 42 cents per share a year ago. Results from the year-ago period included a conversion charge of $4.8 million for the issuing of preferred shares.Revenue rose 59 percent to $13.8 million from $8.7 million last year due to a $10 million milestone payment from Merck Serono following the completion of two mid stage clinical trials for the experimental breast cancer drug adecatumumab.For the full year, the company posted a loss of $34 million, or $1.29 per share, from a loss of $19.1 million, or $3.70 per share, in 2005. Revenue rose to $28.3 million from $25.7 million.Separately, the company announced it entered an exclusive worldwide license agreement with privately held Tracon Pharmaceuticals Inc. to develop a new cancer treatment in a deal that could be worth up to $100 million to Micromet.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Pharmaceuticals and chemicals highlights to 15:40 GMT 