Navigation Links
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 previous year, reflecting reduced personnel costs, the effect of cost savings initiatives and optimization of our organizational structure.  We anticipate research and development expenses to increase in 2013 as we execute on our clinical development plan in the US and China."Dr. Ken Ren , Chief Executive Officer, commented, "We start this next quarter with continued excitement,  a balance sheet further strengthened by our recent financing led by Kleiner Perkins Caufield Byers China , and the support of additional new Board members.  We will continue to execute on our China-US development strategy and steadily move our ENMD-2076 program forward, as well as seek additional pipeline opportunities." 

About EntreMedEntreMed is a clinical-stage pharmaceutical company employing a drug development strategy primarily in the United States and China to develop targeted therapeutics for the global market.  Its lead compound, ENMD-2076, a selective angiogenic kinase inhibitor, has completed several Phase 1 studies in solid tumors, multiple myeloma, and leukemia, and is currently completing a multi-center Phase 2 study in ovarian cancer.  EntreMed is currently conducting a Phase 2 study of ENMD-2076 in triple-negative breast cancer and a Phase 2 study of ENMD-2076 in advanced/metastatic soft tissue sarcoma.  The Company is headquartered in Rockville, Maryland and has local operations in Beijing, China.  Additional information about EntreMed is available on the Company's web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).

About ENMD-2076ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action.  ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase.  Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers.  ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers.  ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma,  and is currently completing a Phase 2 trial for ovarian cancer.  EntreMed, Inc. is currently conducting a dual-institutional Phase 2 study of ENMD-2076 in triple-negative breast cancer and a Phase 2 study in advanced/metastatic soft tissue sarcoma. ENMD-2076 has received orphan drug designation from the FDA for the treatment of ovarian cancer, multiple myeloma and acute myeloid leukemia.

Forward Looking StatementsThis 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, 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: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be delisted from trading on the Nasdaq Capital Market; the volatility of our common stock; the difficulty of executing our business strategy in China; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidate or future candidates; risks relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; declines in actual sales of Thalomid® resulting in reduced or no royalty payments; risks associated with our product candidates; any early-stage products under development; results in preclinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials, including delays to the commencement of such trials; the lack of success in the clinical development of any of our products; dependence on third parties; and risks relating to the commercialization, if any, of our proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).  Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition.  We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. Additional information about the factors and risks that could affect our business, financial condition and results of operations, are contained in our filings with the U.S. Securities and Exchange Commission ("SEC"), which are available at www.sec.gov.

COMPANY CONTACT:
Investor Relations
EntreMed, Inc.
240.864.2643
investorrelations@entremed.com

(Financial Table Attached)ENTREMED, INC.SUMMARY OF OPERATING RESULTSThree Months EndedMarch 31,2013

2012Total revenues$$Research and development$
506,375

$
561,249General and administrative$
29,902

$
,096,746Interest expense (income), net$
(390)

$
875,863Net Loss$  (1,135,887)

$  (2,533,858)Net loss per share attributable tocommon shareholders (basic and diluted)$
(0.05)

$
(0.23)Weighted average number of shares outstanding (basic and diluted)23,357,782

12,158,124Cash and cash equivalents$ 18,270,729

$  11,345,510 


'/>"/>
SOURCE EntreMed, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Patent Issued In China For EntreMeds Lead Drug Candidate ENMD-2076
2. Patent Issued In U.S. For EntreMeds 2ME2 In Rheumatoid Diseases
3. EntreMed Announces Changes to Board of Directors and CEO Appointment
4. EntreMed Reports Fourth Quarter And Year-End 2012 Financial Results And Business Outlook For 2013
5. EntreMed To Raise $10.7 Million In Registered Direct Offering
6. EntreMed Announces Initiation Of Phase 2 Trial In Advanced/Metastatic Soft Tissue Sarcoma
7. PNAS Publishes Preclinical Results of EntreMeds 2ME2 for Multiple Sclerosis
8. EntreMed Announces Publication Of Preclinical Results For ENMD-2076 In Triple-negative Breast Cancer
9. Dana-Farber Cancer Institutes Ursula A. Matulonis, MD Article on EntreMeds ENMD-2076 Published in the European Journal of Cancer
10. EntreMed Reports Second Quarter 2012 Financial Results
11. EntreMed Announces Initiation Of Phase 2 Trial In Triple-negative Breast Cancer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2016)... 2016  Joe Marziani has joined VMS BioMarketing as senior vice president of sales, ... his new role, Marziani will lead the company,s business development and sales team, exploring ... Photo - http://photos.prnewswire.com/prnh/20160523/371089 ... ... ...
(Date:5/24/2016)... May 24, 2016 ... , la première endoprothèse à double ... à l,intervention portant sur les membres inférieurs ... OrbusNeich, entreprise mondiale spécialisée dans la ... la vie, a élargi son portefeuille pour ...
(Date:5/24/2016)... 2016 Een app die artsen ... collectief patiënten kunnen behandelen, hun kennis kunnen delen en ... de nieuwe en revolutionaire MDLinking App, ontwikkeld door een ... dr. Hans Flu en oncologisch chirurg dr. Gijs ... is, wordt op dinsdag 24 mei officieel gepresenteerd op ...
Breaking Medicine Technology:
(Date:5/26/2016)... Texas (PRWEB) , ... May 26, 2016 , ... ... Friday, May 13 at Blackhorse Golf Club in Cypress. With the help of community ... non-profit that restores, empowers, and renews hope for wounded service members and their families ...
(Date:5/26/2016)... , ... May 26, 2016 , ... ... and products recently hosted the first PowerWave Instructor Certification Course in Stoughton, Massachusetts. ... a group of fitness professional through the 8 hour interactive course to qualify ...
(Date:5/26/2016)... ... May 26, 2016 , ... The introduction of our professional athletes coincides ... HEAD ™”. , “We are proud to introduce Meghan Klingenberg, defender and ... have Brian Quick, wide receiver for Los Angeles who was a second round selection ...
(Date:5/26/2016)... ... ... Dr. LeRoy Perry’s recently authored whitepaper, “Tech Neck and ROI (return on ... users, hundreds of millions of whom are coming into the workplace with pain in ... action of looking down at hand-held technology devices (tablets, smartphones) for extended periods of ...
(Date:5/26/2016)... ... ... In Madeira Beach Florida, a small town with 4,300 residents on a ... Madeira Beach United, to oppose two development projects undertaken by their city government that ... rise urban environment. , According to the Tampa Bay Times on May ...
Breaking Medicine News(10 mins):