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EntreMed Reports Fourth Quarter And Year-End 2012 Financial Results And Business Outlook For 2013
Date:3/21/2013

ROCKVILLE, Md., March 21, 2013 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today reported results for the three months and twelve months ended December 31, 2012. 

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

The Company reported a net loss of ($0.4 million), or ($0.02) per share for the three months ended December 31, 2012.  This compares with net income of $1.0 million, or $0.06 per share for the fourth quarter 2011.  The increase in net loss is directly attributed to the decrease in revenues from royalties earned from Celgene Corporation's sales of Thalomid® in the fourth quarter of fiscal 2012 compared to fiscal 2011.

For the year ended December 31, 2012 the net loss, excluding non-cash interest expense, was ($4.5 million), or ($0.25) per share as compared to ($4.6 million), or ($0.47) per share for 2011. The reported net loss for the year ended December 31, 2012 included non-cash interest charges totaling $10.0 million associated with the Company's 2012 financing, recorded in accordance with US generally accepted accounting principles. Including the non-cash interest expense, the reported net loss for the year ended December 31, 2012 was ($14.5 million), or ($0.78) per share.

As of December 31, 2012, EntreMed had cash and cash equivalents of approximately $8.0 million.  The cash position has since been strengthened by 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 results for the fourth quarter are in line with our e
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SOURCE EntreMed, Inc.
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