Micromet to Advance BiTE Antibody MT112/BAY 2010112 into IND-Enabling Preclinical Development Activities in Collaboration with Bayer Schering Pharma

Micromet, Inc. (NASDAQ: MITI) today announced plans to advance the Company’s BiTE antibody MT112/BAY 2010112 into formal preclinical development in collaboration with Bayer Schering Pharma AG, Germany. Taking this next step toward an IND-filing triggers a 2.5 million Euro (approximately $3.5 million) milestone payment to Micromet. The product candidate, which is being developed for the treatment of patients with solid tumors, was generated by Micromet using its proprietary BiTE technology.

Micromet and Bayer Schering Pharma are developing MT112/BAY 2010112 under a collaboration and license agreement signed in January 2009. Micromet is primarily responsible for the preclinical development of the BiTE antibody, and will collaborate with Bayer Schering Pharma through the completion of Phase 1 clinical trials. After completion of Phase 1 trials, Bayer Schering Pharma will assume full control of clinical development and commercialization of the BiTE antibody. Micromet is eligible to receive progress-dependent milestone payments and up to double-digit royalties on future potential tiered net sales of this product candidate.

"We are very pleased with the rapid progress achieved under this collaboration since its inception in 2009,” said Jens Hennecke, Ph.D., Micromet’s Senior Vice President, Business Development. "We look forward to continuing to work with Bayer Schering Pharma to advance this BiTE antibody into clinical development.”

About BiTE Antibodies

BiTE® antibodies are designed to direct the body's cytotoxic, or cell-destroying, T cells against tumor cells, and represent a new therapeutic approach to cancer therapy. Typically, antibodies cannot engage T cells because T cells lack the appropriate receptors for binding antibodies. BiTE antibodies have been shown to bind T cells to tumor cells, ultimately inducing a self-destruction process in the tumor cells referred to as apoptosis, or programmed cell death. In the presence of BiTE antibodies, T cells have been demonstrated to serially eliminate tumor cells, which explains the activity of BiTE antibodies at very low concentrations. Through the killing process, T cells start to proliferate, which leads to an increased number of T cells at the site of attack.

About Micromet, Inc.

Micromet, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibody-based therapies for the treatment of cancer. Its product development pipeline includes novel antibodies generated with its proprietary BiTE® technology, as well as conventional monoclonal antibodies. The Company’s lead product candidate blinatumomab (MT103) is currently the subject of a pivotal trial in patients with minimal residual disease positive acute lymphoblastic leukemia. Micromet has collaborations with a number of leading pharmaceutical and biotechnology companies, including Bayer Schering Pharma, Boehringer Ingelheim, MedImmune, Merck Serono, Nycomed and sanofi-aventis. Additional information can be found at www.micromet.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding the development of a BiTE antibody in collaboration with Bayer Schering Pharma. You are urged to consider statements that include the words "advance,” "will," "look forward,” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risk that the BiTE antibody does not demonstrate safety and/or efficacy in future preclinical or clinical trials, difficulty in enrolling patients in clinical trials, delays in development and testing, including the risk that Bayer Schering Pharma will not obtain approval to market the BiTE antibody, and the risks associated with reliance on outside financing to meet our capital requirements. These factors and others are more fully discussed in Micromet's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, filed with the SEC on March 5, 2010, Micromet's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed with the SEC on August 6, 2010, as well as other filings by the Company with the SEC. Micromet cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Micromet also disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.