EntreMed Reports First Quarter 2008 Financi...( ROCKVILLE Md. May 2 /- EntreMed I...),Health

ROCKVILLE, Md., May 2 /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, 2008.

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The Company reported a net loss for the first quarter of approximately ($8.3 million), or ($0.10) per share, compared with a net loss of ($7.7 million), or ($0.09) per share, for the same period last year. The Company did not report any revenues for the first quarter 2008. As of March 31, 2008, the Company had cash and short-term investments of approximately $44 million.

Dane R. Saglio, EntreMed Chief Financial Officer, commented on the first quarter results, "The Company's first quarter 2008 financial results were in line with our projections. During the first quarter, the Company made the decision to invest behind Panzem(R) for rheumatoid arthritis rather than oncology, given 2ME2's mechanisms of action, safety profile and substantially larger market opportunity. Patients currently enrolled in Panzem(R) oncology trials will continue to receive treatment, and we expect to realize cost savings from the discontinuation of the program beginning in the second half of this year. We further expect operational expenses to remain at similar levels through the second quarter as we phase out the Panzem(R) NCD oncology program and advance the clinical development of ENMD-2076. Consistent with the past couple of years, we anticipate recording royalty revenue beginning in the third quarter and decreasing our research and development expenses slightly once the open Panzem(R) oncology trials conclude."

James S. Burns, EntreMed President and CEO commented, "Going forward, we will focus our resources on the development of our three onco
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