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EntreMed Reports First Quarter 2013 Financial Results
Date:5/15/2013

ROCKVILLE, Md., May 15, 2013 /PRNewswire/ -- EntreMed, Inc. (NASDAQ: ENMD), a clinical-stage pharmaceutical company, today reported financial results for the three months ended March 31, 2013. 

(Logo: http://photos.prnewswire.com/prnh/20010620/ENMDLOGO )

The Company reported a net loss for the first quarter of approximately ($1.1 million), or ($0.05) per share, compared with a net loss of ($2.5 million), or ($0.23) per share, for the same period last year.  The reported net loss for the three months ended March 31, 2012 included non-cash interest charges totaling approximately $0.9 million associated with the Company's 2012 financing, recorded in accordance with US generally accepted accounting principles. For the three months ended March 31, 2012, the net loss, excluding non-cash interest expense, was ($1.6 million), or ($0.16) per share.

As of March 31, 2013, EntreMed had cash and cash equivalents of approximately $18.3 million, which includes approximately $10.3 million in net proceeds from a financing which was completed on March 14, 2013.

Sara B. Capitelli , Vice President, Finance and Principal Accounting Officer, commented, "Our financial resources were dedicated primarily to the clinical development of our lead drug candidate, ENMD-2076.  Our financial results for the first quarter are in line with our expectations. Research and development expenses for the first quarter of 2013 decreased compared to the previous year, reflecting the absence of severance related costs in the 2013 period, offset by increased costs associated with the clinical development of ENMD -2076 in the U.S. and China during 2013.  Our general and administrative expenses for the first quarter of 2013 also decreased compared to the
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SOURCE EntreMed, Inc.
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