Navigation Links
EntreMed Reports First Quarter 2008 Financial Results

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.

(Logo: )

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 oncology product candidates, MKC-1, ENMD-1198 and ENMD-2076, as well as early clinical development of Panzem(R) in rheumatoid arthritis. We continue to operate in line with our financial guidance for 2008. We believe that the full effect of winding down the Panzem(R) oncology program and our priority oncology program focus will begin to positively impact our financial statement by 3Q08. In addition, we are actively seeking opportunities to offset or share development costs with pharmaceutical partners in order to advance some of our programs into later stages of development. We remain on track with our guidance and we have the financial resources to fund current and planned activities into 2009."

Mr. James S. Burns will present a corporate overview at the Rodman & Renshaw 5th Annual Healthcare Conference being held May 19-20, 2008. Mr. Burns is scheduled to present on Monday, May 19, 2008 at 10:25 a.m. local time. The presentation will be web cast and will serve as the Company's first quarter 2008 update. The presentation can be accessed through the Company's web site at An archive will be available on the web site for approximately 90 days.

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 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).



Three Months Ended

March 31,

2008 2007

Total revenues $ 0 $ 0

Research and development $ 6,187,203 $ 6,398,696

General and administrative $ 1,982,994 $ 1,831,326

Net Loss $ (8,346,456) $ (7,673,586)

Net loss per share attributable to

common shareholders (basic and diluted) $ (0.10) $ (0.09)

Weighted average number of

shares outstanding (basic and diluted) 84,898,912 84,015,999

Cash and Short-term Investments $ 43,643,620 $ 46,233,046


Ginny Dunn

EntreMed, Inc.

Associate Director

Corporate Communications &

Investor Relations

(240) 864-2643

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

Related medicine news :

1. Dr. Ronald E. Cape to Retire from EntreMed Board of Directors
2. EntreMed to Present at the Jesup & Lamont Emerging Growth Stock Conference
3. EntreMed Announces FDA Acceptance of IND Application for Panzem(R) in Rheumatoid Arthritis
4. EntreMed Presents Results for ENMD-1198 and Vincristine in Preclinical Leukemia Models
5. EntreMed Reports Third Quarter 2007 Financial Results
6. EntreMed to Present at the Rodman and Renshaw 9th Annual Healthcare Conference
7. EntreMed Presents Results for Panzem(R) NCD Phase 2 Ovarian Cancer Study
8. EntreMed to Present at the Bio 2007 Investor Forum
9. EntreMed Receives Deloitte Technology Fast 50 Award
10. Cepheid Reports Record Revenue of $44.8 Million
11. Cephalon Reports Strong First Quarter Earnings
Post Your Comments:
(Date:12/1/2015)... ... December 01, 2015 , ... Baptist Medical Center ... and is the only hospital in the region providing what is known as ... transcatheter pacing patients were revealed recently at a medical conference and published in ...
(Date:12/1/2015)... MD (PRWEB) , ... December 01, 2015 , ... ... salmon identification tests to continue the expansion of the company’s growing product line ... – for Chinook (Oncorhynchus tshawytscha) and Sockeye (Oncorhynchus nerka) – allow InstantLabs to ...
(Date:12/1/2015)... New York, NY (PRWEB) , ... December 01, ... ... cause of non-traumatic limb amputations in the United States. Podiatrists are well aware ... (failure to adopt therapeutic behaviors) are often catastrophic contributors to diseases of the ...
(Date:12/1/2015)... CA (PRWEB) , ... December 01, 2015 , ... ... Health Center of Excellence (BHCOE) today announced that the organization has awarded Education ... San Francisco, with a Distinguished Award. The award celebrates exceptional special needs providers ...
(Date:12/1/2015)... ... December 01, 2015 , ... ... for Effective Post-Affiliation Integration ,” addresses a main “pain point” for merging or ... anticipated results, once a deal is signed. This quick-read guidance suggests that ...
Breaking Medicine News(10 mins):
(Date:12/1/2015)... During the recent 2015 Transcatheter Cardiovascular ... CA , Medinol Ltd. continued to introduce ... a satellite symposium, "The BioNIR eDES: The Role ... a renowned physician panel discussed the key attributes ... Stent System and the Medinol eDES Coronary Stent ...
(Date:12/1/2015)... YORK , Dec. 1, 2015 Relmada Therapeutics, ... the treatment of chronic pain, announced today that the company ... will be held December 1-3 at the Luxe Sunset Boulevard ... Sergio Traversa , CEO of Relmada Therapeutics, will present on ... Eastern Time). . Please register at least ...
(Date:12/1/2015)... Dec. 1, 2015  InCarda Therapeutics, Inc. (InCarda), a ... of therapies for cardiovascular conditions via the inhalation route, ... in Australia . InCarda is planning ... Australia in the first half of ... medical centers in Adelaide and ...
Breaking Medicine Technology: