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EntreMed Reports First Quarter 2009 Financial Results
Date:5/6/2009

ROCKVILLE, Md., May 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 months ended March 31, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO )

The Company reported a net loss for the first quarter of approximately ($3.5 million), or ($0.04) per share, compared with a net loss of ($8.3 million), or ($0.10) per share, for the same period last year. The Company did not report any revenues for the first quarter 2009. As of March 31, 2009, the Company had cash and short-term investments of approximately $20.8 million.

Kathy R. Wehmeir-Davis, Principal Accounting Officer, commented on the first quarter results, "The Company's first quarter 2009 financial results were in line with our projections. During the first quarter, the Company realized significant cost savings as a result of our strategy to accelerate the clinical development of our priority Aurora A and angiogenic kinase inhibitor, ENMD-2076, and to focus our financial resources primarily on activities that support the advancement of this program. We expect operational expenses to remain at similar levels through the second quarter. Consistent with the past few years, we anticipate recording royalty revenue from Celgene's sales of Thalomid(R) beginning in the third quarter."

Michael M. Tarnow, Executive Chairman commented, "Our first quarter operating results are a testimony to our diligence in streamlining operations and reducing non-essential expenditures. The corpor
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SOURCE EntreMed, Inc.
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