April 19, 2010 — Bethesda-based Micromet, Inc. (Nasdaq: MITI), a biopharmaceutical company focused on the development and commercialization of next-generation antibodies for the treatment of cancer, announced that Otello Stampacchia, Ph.D., an advisor to Omega Funds, has decided not to stand for re-election at the upcoming annual meeting of stockholders, and has resigned from its board of directors effective immediately due to an increase in his duties at Omega Funds.
Dr. Stampacchia had served as a member of the board since May 2006, and from 2004 until May 2006 as a director of the Company's subsidiary Micromet AG when it was a privately held company prior to its 2006 merger with CancerVax Corporation to form Micromet, Inc.
"It was enormously gratifying to serve on the Micromet Board during a significant growth period for the Company," said Dr. Stampacchia in a statement. "I am proud to have contributed to the progress made by the Company over the past six years and am very excited about the potential of its BiTE antibody technology in the treatment of cancer. I believe at this phase of the Company's growth, the Board would benefit from the addition of more pharmaceutical industry experience."The Nominating & Corporate Governance Committee has initiated a search to find a suitable candidate with significant prior experience in commercial-stage pharmaceutical companies to join Micromet's Board of Directors.
Source: Micromet, Inc.
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