Navigation Links
EntreMed Reports Third Quarter 2007 Financial Results
Date:11/6/2007

ROCKVILLE, Md., Nov. 6 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported results for the three and nine-month periods ending September 30, 2007.

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

Revenues for the third quarter 2007 were approximately $3,520,000 versus $3,023,000 for the comparable period a year ago. The Company reported a net loss for the third quarter of approximately ($3.0 million), or ($0.04) per share. This compares with a net loss of approximately ($3.5 million), or ($0.05) per share for the same period last year.

Revenues for the nine months ending September 30, 2007 were approximately $3,520,000 versus $3,023,000 for 2006. Reported net loss for the first nine months of 2007 was ($18.6 million), or ($0.23) per share as compared to ($44.3 million) or ($0.63) per share for 2006. The 2006 nine-month net loss includes a non-cash charge of $29.5 million resulting from the acquisition of Miikana Therapeutics in January 2006. Excluding the non-cash charge, the Company's net loss for the first nine months of 2006 was ($14.8 million). As of September 30, 2007, EntreMed had cash and short-term investments of approximately $50.6 million.

Dane R. Saglio, EntreMed Chief Financial Officer, commented, "Royalty revenues recorded in the third quarter 2007 represent an increase over the same period last year as we continue to benefit from the increase in sales of Celgene's Thalomid(R). As a result of additional programs heading towards clinical development in 2008, we expect research and development expenses to trend up in the fourth quarter and into 2008. With the completion of the recent secured financing, we are reporting over $50 million in cash and short-term investments, an amount that will fund planned operations into 2009."

James S. Burns, EntreMed President and Chief Executive Officer, commented, "Our progress for the first nine months of 2007 is consistent with both our guidance and my expectations. We continue to make progress with both our clinical and preclinical programs and are on track to achieve the remainder of our 2007 milestones. We are also continuing to build our oncology drug development expertise through selective additions to the management team. Last month we announced the addition of Dr. Kenneth W. Bair as Senior Vice President, Research and Development. Building a focused pipeline of multi-mechanism drug candidates with an experienced team to manage their development remain primary goals for the Company."

As previously announced, Mr. Burns will give a corporate overview today during the Rodman & Renshaw 9th Annual Healthcare Conference. Mr. Burns' presentation is scheduled for 10:15 a.m. (ET) this morning and will be web cast. To access the live presentation, visit the Company's web site at http://www.entremed.com. An archive of the presentation will be available on the web site for approximately 90 days. EntreMed anticipates conducting a Company update call, including preliminary guidance for 2008, in December. Dial-in information for the call will be disseminated in a separate announcement.

About EntreMed

EntreMed, Inc. is a clinical-stage pharmaceutical company developing therapeutic candidates primarily for the treatment of cancer and inflammation. Panzem(R) NCD (2-methoxyestradiol or 2ME2) is currently in multiple Phase 2 clinical trials for cancer. MKC-1, an oral cell-cycle regulator, is in multiple Phase 1 and 2 studies for cancer. ENMD-1198, a novel tubulin-binding agent, is in Phase 1 studies in advanced cancers. Panzem(R) is also in preclinical development for rheumatoid arthritis, and ENMD-2076, a dual-acting Aurora-angiogenesis inhibitor, is in preclinical development for cancer. 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 http://www.entremed.com 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).

CONTACT:

Ginny Dunn

EntreMed, Inc.

Associate Director

Corporate Communications &

Investor Relations

240-864-2643

ENTREMED, INC.

SUMMARY OF OPERATING RESULTS

Three Months Ended

September 30,

2007 2006

Total revenues $3,520,259 $3,023,185

Research and development 5,109,257 5,544,134

General and administrative 1,706,451 1,497,612

Acquired in-process research and

development 0 0

Net Loss (3,035,346) (3,524,998)

Net Loss per share (basic and diluted)

attributable to common shareholders $(0.04) $(0.05)

Weighted average number of shares

outstanding (basic and diluted) 84,223,912 73,288,499

Nine Months Ended

September 30,

2007 2006

Total revenues $3,520,259 $3,023,185

Research and development 18,089,240 13,813,440

General and administrative 5,407,588 5,256,958

Acquired in-process research and

development 0 29,481,894

Net Loss (18,643,625) (44,261,425)

Net Loss per share (basic)

attributable to common shareholders $(0.23) $(0.63)

Weighted average number of shares

outstanding (basic) 84,015,999 70,952,694

Cash and short-term investments $50,644,261 $39,428,618


'/>"/>
SOURCE EntreMed, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. EntreMed Receives Deloitte Technology Fast 50 Award
2. EntreMed to Present at the Bio 2007 Investor Forum
3. EntreMed Presents Results for Panzem(R) NCD Phase 2 Ovarian Cancer Study
4. EntreMed to Present at the Rodman and Renshaw 9th Annual Healthcare Conference
5. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
6. Haemacure Reports Third Quarter 2007 Results
7. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
8. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
9. MDS Reports Third Quarter 2007 Results
10. Allied Healthcare Reports Strong Fourth Quarter, Flat Net Income for Fiscal 2007 vs. 2006
11. AtriCure Reports First Human Implant of the Cosgrove-Gillinov Left Atrial Appendage Occlusion System
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... ... People across the U.S. are sharpening their pencils and honing their writing skills ... patients and their families pay tribute to a genetic counselor by nominating him or ... Counselors (NSGC) Annual Education Conference (AEC) this September. , In April, Genome magazine ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Haute Beauty ... Barry M. Weintraub as a prominent plastic surgeon and the network’s newest partner. ... and the most handsome men, look naturally attractive. Plastic surgery should be invisible.” ...
(Date:6/24/2016)... Frederick, Maryland (PRWEB) , ... June 24, 2016 ... ... Mid-Atlantic Angels is actively feeding the Frederick area economy by obtaining investment capital ... support over the past 2½ years that have already resulted in more than ...
(Date:6/24/2016)... ... June 24, 2016 , ... Venture Construction Group (VCG) ... held on June 20th at the Woodmont Country Club at 1201 Rockville Pike, Rockville, ... dedicated to helping service members that have been wounded in battle and their families. ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... upcoming 2016 Miss Arizona pageant as its official Medspa Sponsor. Dr. Josh Olson, ... and Chandler, Arizona. , Dr. Olson says the decision to support the ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... June 24, 2016 ... announced the addition of the " Global Markets ... This report focuses ... an updated review, including its applications in various applications. ... market, which includes three main industries: pharmaceutical and biotechnology, ...
(Date:6/24/2016)... 24, 2016 Research and Markets has ... Companion Diagnostic Tests" report to their offering. ... Diagnostics The World Market for Companion Diagnostics ... diagnostics. Market analysis in the report includes the following: ... Vitro Diagnostic Kits) by Region (N. America, EU, ROW), 2015-2020 ...
(Date:6/23/2016)... June 23, 2016  MedSource announced today that ... e-clinical software solution of choice.  This latest decision ... value to their clients by offering a state-of-the-art ... relationship establishes nowEDC as the EDC platform of ... full-service clients.  "nowEDC has long been a preferred ...
Breaking Medicine Technology: