Micromet pays down revolver with Silicon Valley Bank

By Jennifer Chiou

New York, Sept. 13 - Micromet, Inc. paid off amounts due under a loan and security agreement with Silicon Valley Bank on Sept. 7, according to an 8-K filing with the Securities and Exchange Commission.

The Carlsbad, Calif., biotechnology company entered into the up to $18 million revolving line of credit on Dec. 23, 2004.

Micromet, which had granted the lender a first-priority security interest in all properties, rights and its other assets, excluding intellectual property, for the credit line, said those interests are now discharged.

In its 10-Q for the quarter ended June 30 filed on Aug. 8, the company had said it intended to pay off the credit line in the third quarter.

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