Navigation Links
EntreMed Reports Fourth Quarter and Year-End 2007 Financial Results
Date:3/6/2008

ROCKVILLE, Md., March 6 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported results for the three months and twelve months ended December 31, 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO )

For fiscal year 2007, revenues were $7.4 million versus $6.9 million for 2006. For the year ended December 31, 2007, the Company reported a net loss of ($23.4 million) or ($0.28) per share, versus ($50.9 million), or ($0.71) per share, for fiscal year 2006. As of December 31, 2007, the Company had cash and short-term investments of approximately $47.7 million.

Revenues for the fourth quarters ended December 31, 2007 and December 31, 2006 were both $3.9 million. The Company reported a net loss of ($4.0 million), or ($.05) per share for the three months ended December 31, 2007. This compares with a net loss of ($5.9 million), or ($0.08) per share for the fourth quarter 2006.

Dane R. Saglio, EntreMed Chief Financial Officer, commented, "Financial results for 2007 reflect an increase in both revenue and research and development expenses versus 2006. For the year, we recorded $7.4 million in royalty revenue, a small increase over 2006 royalty revenues of $6.9 million. While research and development expenses decreased in the fourth quarter, there was an increase of approximately $2 million for the full year as a result of the initiation of multiple Phase 2 trials for MKC-1 and Panzem(R) NCD, as well as the submission and acceptance of two IND filings in 2007. In addition to reporting our operating results, our 2006 financial statements also reflect the acquisition of Miikana Therapeutics and the resultant $29.5 million non- cash charge booked as acquired in-process R&D. In 2008, we expect our cash expenses will remain at similar levels as compared to 2007 or increase slightly as a result of supporting ongoing and new clinical trials."

James S. Burns, President and Chief Executive Officer further commented, "These are volatile times in the financial markets and microcap oncology companies such as ours have been hit particularly hard. We are financed adequately and have sufficient cash to fund our clinical and research programs well into 2009. We will continue to pursue a strategy focused on orally- administered, small molecule compounds that can provide us with multiple opportunities to succeed and to mitigate the inherent risk of oncology drug development."

The fourth quarter update call is scheduled for Thursday, March 13, 2008 at 10:00 a.m. ET and will include a question and answer session. To access the live conference, please dial 800-418-7236 (U.S. or Canada) or 973-935-8757 (internationally) and reference conference number 37155333 at least 10 minutes prior to the beginning of the call. A digital recording will be available approximately two hours after completion of the conference and will be accessible for 60 days. To access the recording, dial 800-642-1687 (U.S. or Canada) or 706-645-9291 (internationally) and enter the digital pin number 37155333. This call will not be web cast; however, an audio replay will also be available on the Company's website at http://www.entremed.com approximately one hour after the conclusion of the live conference.

About EntreMed

EntreMed, Inc. is a clinical-stage pharmaceutical company developing therapeutic candidates primarily for the treatment of cancer and inflammation. MKC-1 is currently in multiple Phase 2 clinical trials for cancer. MKC-1 is an oral cell-cycle regulator with activity against the mTOR pathway. Panzem(R) (2-methoxyestradiol) NCD is also in multiple Phase 2 studies in oncology patients. Additionally, ENMD-1198, a novel tubulin-binding agent, is in Phase 1 studies in advanced cancers. The Company has approved IND applications for Panzem(R) in rheumatoid arthritis, and ENMD-2076, a dual-acting Aurora- angiogenesis inhibitor, for cancer. EntreMed's goal is to develop and commercialize new compounds based on the Company's expertise in angiogenesis, cell-cycle regulation and inflammation - processes vital to the treatment of cancer and other diseases, such as 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).

CONTACT:

Ginny Dunn

Associate Director,

Corporate Communications & Investor Relations

EntreMed, Inc.

240-864-2643

ENTREMED, INC.

SUMMARY OF OPERATING RESULTS

Three Months Ended

December 31,

2007 2006

Total revenues $3,875,392 $3,871,173

Research and development $5,650,152 $7,857,677

General and administrative $1,978,982 $2,136,764

Net loss $(3,767,496) $(5,627,632)

Dividend on Series A convertible

preferred stock $(251,250) $(251,250)

Net loss attributable to common

shareholders $(4,018,746) $(5,878,882)

Net loss per share attributable to

common shareholders (basic and diluted) $(0.05) $(0.08)

Weighted average number of

shares outstanding (basic and diluted) 84,362,710 74,606,821

Twelve Months Ended

December 31,

2007 2006

Total revenues $7,395,651 $6,894,358

Research and development $23,739,392 $21,671,117

General and administrative $7,386,570 $7,393,722

Acquired in-process R&D $- $29,481,894

Net loss $(22,411,121) $(49,889,057)

Dividend on Series A convertible

preferred stock $(1,005,000) $(1,005,000)

Net loss attributable to common

shareholders $(23,416,121) $(50,894,057)

Net loss per share attributable to

common shareholders (basic and diluted) $(0.28) $(0.71)

Weighted average number of

shares outstanding (basic and diluted) 84,166,552 71,873,734

Cash and Short-term Investments $47,748,191 $50,570,097


'/>"/>
SOURCE EntreMed, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. EntreMed to Present at ThinkEquity Partners 5th Annual Growth Conference
2. EntreMed Appoints Senior Vice President of Research and Development
3. EntreMed Announces FDA Acceptance of IND Application for Aurora Kinase/Angiogenesis Inhibitor, ENMD-2076
4. EntreMed Presents Interim Results for Phase 2 Carcinoid Tumor Study
5. EntreMed to Present at BIO CEO and Investor Conference
6. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
7. QMed, Inc. Reports July Medicare SNP Enrollments
8. Phlo Affiliate Reports Expanded Coverage to Oregon Border
9. Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results
10. Dragon Pharmaceutical Reports Growth in Sales and Profits during Second Quarter of 2007
11. Carrington Reports Second Quarter 2007 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/23/2016)... (PRWEB) , ... May 23, 2016 , ... ... That Will Drive Precision Farming in 2017 and Beyond. The paper outlines the ... in the precision ag industry. , “We’ve witnessed a lot of highs and ...
(Date:5/23/2016)... Palo Alto, CA (PRWEB) , ... May 23, ... ... tank and public interest organization focused on molecular nanotechnology, announced the winners for ... honor of pioneer physicist Richard Feynman, are given in two categories, one for ...
(Date:5/20/2016)... , ... May 20, 2016 , ... The recent recall ... as reported by Food Safety News on May 12, 2016(1), demonstrates the need for ... Olsen, CEO of Baltimore-based biotech firm, PathSensors, Inc. , PathSensor’s latest ...
(Date:5/19/2016)... Regen BioPharma, Inc ... announced today initiation of a preclinical development program ... cancer immunotherapeutic product leveraging its NR2F6 immunological checkpoint. ... generation of cord blood derived killer cells whose ... product in development will be a "universal donor" ...
Breaking Biology Technology:
(Date:3/31/2016)... , March 31, 2016  Genomics firm Nabsys has ... CEO, Barrett Bready , M.D., who returned to ... the original technical leadership team, including Chief Technology Officer, ... Product Development, Steve Nurnberg and Vice President of Software ... the company. Dr. Bready served as CEO ...
(Date:3/21/2016)... Massachusetts , March 22, 2016 ... facial recognition with passcodes for superior security   ... ), a leading provider of secure digital communications services, ... their biometric technology and offer enterprise customers, particularly those ... secure facial recognition and voice authentication within a mobile ...
(Date:3/14/2016)... March 14, 2016 NXTD ) ("NXT-ID" ... commerce market, announces the airing of a new series of ... week of March 21 st .  The commercials will air ... popular Squawk on the Street show. --> NXTD ... growing mobile commerce market, announces the airing of a new ...
Breaking Biology News(10 mins):