EntreMed Reports First Quarter 2009 Financial Results
May 06 2009 - 6:00AM
PR Newswire (US)
ROCKVILLE, Md., May 6 /PRNewswire-FirstCall/ -- EntreMed, Inc.
(NASDAQ: ENMD), a clinical-stage pharmaceutical company developing
therapeutics for the treatment of cancer and inflammatory diseases,
today reported financial results for the three months ended March
31, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO ) The Company
reported a net loss for the first quarter of approximately ($3.5
million), or ($0.04) per share, compared with a net loss of ($8.3
million), or ($0.10) per share, for the same period last year. The
Company did not report any revenues for the first quarter 2009. As
of March 31, 2009, the Company had cash and short-term investments
of approximately $20.8 million. Kathy R. Wehmeir-Davis, Principal
Accounting Officer, commented on the first quarter results, "The
Company's first quarter 2009 financial results were in line with
our projections. During the first quarter, the Company realized
significant cost savings as a result of our strategy to accelerate
the clinical development of our priority Aurora A and angiogenic
kinase inhibitor, ENMD-2076, and to focus our financial resources
primarily on activities that support the advancement of this
program. We expect operational expenses to remain at similar levels
through the second quarter. Consistent with the past few years, we
anticipate recording royalty revenue from Celgene's sales of
Thalomid(R) beginning in the third quarter." Michael M. Tarnow,
Executive Chairman commented, "Our first quarter operating results
are a testimony to our diligence in streamlining operations and
reducing non-essential expenditures. The corporate restructuring
effort is substantially complete and the team is focused primarily
on the clinical development of ENMD-2076. The Board remains
enthusiastic about this exciting compound and believes the recent
realignment and continued commitment of the EntreMed team position
the Company to pursue and advance prospective partnerships for the
ENMD-2076 clinical program." About EntreMed EntreMed, Inc. is a
clinical-stage pharmaceutical company focusing primarily on the
development of its priority program, ENMD-2076, for the treatment
of cancer. ENMD-2076 is an Aurora A and angiogenic kinase
inhibitor, which is currently in Phase 1 studies in patients with
solid tumors and multiple myeloma. In addition, multiple Phase 1
and 2 clinical trials are ongoing for MKC-1, an oral cell-cycle
regulator with activity against the mTOR pathway, and ENMD-1198, a
novel tubulin-binding agent. The Company also has an approved IND
application for Panzem(R) in the treatment of rheumatoid arthritis.
Additional information about EntreMed is available on the Company's
web site at http://www.entremed.com/ and in various filings with
the Securities and Exchange Commission. Forward Looking Statements
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act with respect to the
outlook for expectations for future financial or business
performance (including the timing of royalty revenues and future
R&D expenditures), strategies, expectations and goals.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking
statements speak only as of the date they are made, and no duty to
update forward-looking statements is assumed. Actual results could
differ materially from those currently anticipated due to a number
of factors, including those set forth in Securities and Exchange
Commission filings under "Risk Factors," including risks relating
to the need for additional capital and the uncertainty of
additional funding; variations in actual sales of Thalomid(R),
risks associated with the Company's product candidates; the
early-stage products under development; results in preclinical
models are not necessarily indicative of clinical results,
uncertainties relating to preclinical and clinical trials; success
in the clinical development of any products; dependence on third
parties; future capital needs; and risks relating to the
commercialization, if any, of the Company's proposed products (such
as marketing, safety, regulatory, patent, product liability,
supply, competition and other risks). ENTREMED, INC. SUMMARY OF
OPERATING RESULTS Three Months Ended March 31, 2009 2008 Total
revenues $ 0 $ 0 Research and development $ 1,953,460 $ 6,187,203
General and administrative $ 1,159,721 $ 1,982,994 Net Loss $
(3,516,755) $ (8,346,456) Net loss per share attributable to common
shareholders (basic and diluted) $ (0.04) $ (0.10) Weighted average
number of shares outstanding (basic and diluted) 87,728,644
84,898,912 Cash and Short-term Investments $ 20,826,910 $
43,643,620 CONTACT: Ginny Dunn EntreMed, Inc. Associate Director
Corporate Communications & Investor Relations (240) 864-2643
http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO
http://photoarchive.ap.org/ DATASOURCE: EntreMed, Inc. CONTACT:
Ginny Dunn, Associate Director Corporate Communications &
Investor Relations of EntreMed, Inc., +1-240-864-2643 Web Site:
http://www.entremed.com/
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