ROCKVILLE, Md., March 9, 2012 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today reported results for the three months and twelve months ended December 31, 2011.
For fiscal year 2011, revenues were $1.9 million compared to $3.7 million for fiscal 2010. For the year ended December 31, 2011, the Company reported a net loss of ($5.6 million) or ($0.47) per share, compared to a net loss of ($9.1 million), or ($0.94) per share, for fiscal year 2010. As of December 31, 2011, the Company had cash and cash equivalents of approximately $1.1 million.
Revenues for the fourth quarter ended December 31, 2011 were $1.9 million compared to $3.7 million for the fourth quarter ended December 31, 2010. The Company reported net income of $1.0 million, or $0.06 per share for the three months ended December 31, 2011. This compares with net income of $0.8 million, or $0.07 per share for the fourth quarter 2010. Revenues in the fourth quarter of fiscal 2011 were from royalties earned from Celgene Corporation's sales of Thalomid®.
Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented, "Our financial resources were dedicated primarily to the clinical development of our primary drug candidate, ENMD-2076. Assuming our recent financing transaction is approved by our stockholders at our 2012 shareholders meeting, we expect that R&D expenses for ENMD-2076 will remain consistent or increase as we execute on our drug development strategy in 2012. Royalty revenues from Celgene's sales of Thalomid® in 2011 were $1.9 million, compared to $3.4 million in 2010. The decrease
|SOURCE EntreMed, Inc.|
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