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.
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 opera
|SOURCE EntreMed, Inc.|
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