Navigation Links
EntreMed Reports Second Quarter 2008 Financial Results

EntreMed to Conduct Update Call on Tuesday, August 12, 2008

ROCKVILLE, Md., Aug. 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 and six-month periods ending June 30, 2008.

(Logo: )

The Company reported a net loss for the second quarter of 2008 of ($9.6 million), or ($0.11) per share. This compares with a net loss of ($7.9 million), or ($0.10) per share, for the same period last year. For the first six months of 2008 the reported net loss was ($17.9 million), or ($0.22) per share as compared to ($15.6 million), or ($0.19) per share for 2007. The 2008 net loss for the three and six-month periods include a non-cash charge of $2.0 million, which represents a purchase price adjustment milestone triggered by the dosing of the first patient in a clinical trial for ENMD-2076, the lead molecule in our Aurora kinase program acquired from Miikana Therapeutics in January 2006.

The Company did not report any revenues for the first six months of 2008, although the Company believes that it will record royalty revenues in excess of $7 million on sales of Thalomid(R) by Celgene in the third and fourth quarters of 2008. As of June 30, 2008, EntreMed had cash and short-term investments of approximately $36 million.

Dane Saglio, EntreMed Chief Financial Officer, commented on the second quarter results, "During the second quarter of 2008, we recorded a $2.0 million non-cash charge resulting from the Company's decision to make the ENMD-2076 milestone payment in stock. Excluding the non-cash charge, second quarter expenses were in-line with first quarter expenses and below the comparable period in 2007. We expect operating expenses to remain at similar levels for the third quarter before decreasing towards the end of the year. In addition, we anticipate that royalty revenue on Celgene's sales of Thalomid(R) will offset a portion of our expenses in the second half. We expect to begin recording royalties in the third quarter."

James S. Burns, EntreMed President and Chief Executive Officer, commented, "We continue to focus on our three principal objectives for 2008 namely, concentrating our resources on our high-priority oncology programs, conserving cash by funding only essential program activities, and focusing on partnering our promising Aurora/angiogenesis kinase inhibitor. The advancement of ENMD-2076 into clinical development represents a significant accomplishment as this program was in preclinical discovery when acquired in January 2006. All of EntreMed's programs are currently in clinical development such that we have multiple opportunities for both internal development and partnering. Consistent with our previous guidance, we anticipate achieving the balance of our 2008 milestones and remaining on or below our expense budget for the second half of 2008."

The second quarter update call is scheduled for Tuesday, August 12, 2008 from 10:30 am to 11:30 am 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 57437910 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 Conference ID number 57437910. This call will not be web cast; however, an audio replay will also be available on the Company's website at approximately two hours 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. ENMD-1198, a novel antimitotic agent, and ENMD-2076, a selective kinase inhibitor, are in Phase 1 studies in advanced cancers. The Company also has an approved IND application for Panzem(R) in rheumatoid arthritis. EntreMed's goal is to develop and commercialize new compounds based on the Company's expertise in angiogenesis, cell cycle regulation, cell signaling 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 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).


Ginny Dunn

Associate Director

Corporate Communications &

Investor Relations


(Financial Table Attached)




Three Months Ended

June 30,

2008 2007

Total revenues $0 $0

Research and development 5,484,857 6,581,287

General and administrative 1,739,691 1,869,811

In-process research and development 2,000,000 0

Net loss (9,570,143) (7,934,693)

Net loss per share (basic and diluted)

attributable to common shareholders $(0.11) $(0.10)

Weighted average number of shares

outstanding (basic and diluted) 85,535,426 84,059,149

Six Months Ended

June 30,

2008 2007

Total revenues $0 $ 0

Research and development 11,672,060 12,979,983

General and administrative 3,722,685 3,701,137

In-process research and development 2,000,000 0

Net loss (17,916,599) (15,608,279)

Net loss per share (basic and diluted)

attributable to common shareholders $(0.22) $(0.19)

Weighted average number of

outstanding (basic and diluted) shares 85,217,169 84,015,999

Cash and short-term investments $36,196,345 $38,062,570

SOURCE EntreMed, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. EntreMed Appoints Thomas H. Bliss as Senior Vice President of Corporate and Business Development
2. Dana-Farber Cancer Institute Commences Phase 1 Trial With EntreMeds Selective Kinase Inhibitor
3. EntreMed Will Not Seek Shareholder Approval for Reverse Stock Split at Annual Meeting
4. EntreMeds Kinase Inhibitor, ENMD-2076, Presented During AACR Special Session
5. EntreMed Receives Nasdaq Deficiency Notice
6. EntreMed to Present at BioCentury Future Leaders in the Biotech Industry Conference
7. EntreMed Announces 2008 Corporate and Clinical Program Priorities
8. EntreMed Reports Fourth Quarter and Year-End 2007 Financial Results
9. EntreMed to Present at BIO CEO and Investor Conference
10. EntreMed Presents Interim Results for Phase 2 Carcinoid Tumor Study
11. EntreMed Announces FDA Acceptance of IND Application for Aurora Kinase/Angiogenesis Inhibitor, ENMD-2076
Post Your Comments:
(Date:6/27/2016)... , June 27, 2016   Ginkgo Bioworks ... to industrial engineering, was today awarded as one ... selection of the world,s most innovative companies. Ginkgo ... scale for the real world in the nutrition, ... engineers work directly with customers including Fortune 500 ...
(Date:6/24/2016)... ... ... Researchers at the Universita Politecnica delle Marche in Ancona combed medical journal articles ... findings are the subject of a new article on the Surviving Mesothelioma website. ... blood, lung fluid or tissue of mesothelioma patients that can help point doctors to ...
(Date:6/23/2016)... , June 23, 2016 /PRNewswire/ - FACIT has ... Ontario biotechnology company, Propellon Therapeutics Inc. ... and commercialization of a portfolio of first-in-class WDR5 ... targets such as WDR5 represent an exciting class ... in precision medicine for cancer patients. Substantial advances ...
(Date:6/23/2016)... Cancer Foundation (PCF) is pleased to announce 24 new Young Investigator (YI) ... of the Class of 2016 were selected from a pool of 128 applicants ... the Class of 2016 PCF Young Investigators ... ... ...
Breaking Biology Technology:
(Date:6/3/2016)... 3, 2016 Das ... Nepal hat ein 44 ... geprägter Kennzeichen, einschließlich Personalisierung, Registrierung und IT-Infrastruktur, ... Produktion und Implementierung von Identitätsmanagementlösungen. Zahlreiche renommierte ... Januar teilgenommen, aber Decatur wurde als konformste ...
(Date:5/24/2016)... Ampronix facilitates superior patient care by providing unparalleled technology to leaders of ... the latest premium product recently added to the range of products distributed by Ampronix. ... ... ... Medical Display- Ampronix News ...
(Date:5/3/2016)... May 3, 2016  Neurotechnology, a provider of ... MegaMatcher Automated Biometric Identification System (ABIS) , a ... projects. MegaMatcher ABIS can process multiple complex biometric ... combination of fingerprint, face or iris biometrics. It ... and MegaMatcher Accelerator , which have ...
Breaking Biology News(10 mins):