ROCKVILLE, Md., Nov. 14, 2013 /PRNewswire/ -- EntreMed, Inc. (NASDAQ: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of a variety of cancers, today reported financial results for the three and nine-month periods ending September 30, 2013.
EntreMed reported a net loss for the third quarter of 2013 of ($1.4 million), or ($0.05) per share. This compares with a net loss of ($1.2 million), or ($0.05) per share, for the same period last year.
For the first nine months of 2013 the reported net loss was ($4.4 million), or ($0.17) per share as compared to ($14.2 million), or ($0.81) per share for 2012. The 2012 year to date reported net loss included non-cash interest charges associated with our financing in 2012 ($10.0 million for the nine months ended September 30, 2012). Excluding this non-cash interest, net loss for the first nine months of 2012 was ($4.1 million), or ($0.23) per share.
As of September 30, 2013, EntreMed had cash and cash equivalents of approximately $15.9 million.
Sara B. Capitelli, EntreMed's Vice President, Finance & Principal Accounting Officer, commented on the third quarter results, "Our financial results for the third quarter are in line with our expectations. Our research and development expenses for the third quarter increased compared to the previous year primarily due to costs associated with the Company's crossover bioavailability and food effect study of ENMD-2076, along with the clinical development of ENMD-2076 in China during 2013. We anticipate fourth quarter operating expenses to increase as we execute on our clinical development plan in the US and China."
SOURCE EntreMed, Inc.
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