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EntreMed Secures $10 Million Strategic Financing
Date:1/23/2012

ROCKVILLE, Md., Jan. 23, 2012 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has secured $10 million in financing with strategic accredited investors, including IDG-Accel China Growth Fund II L.P. ("IDG"), Emerging Technology Partners, LLC ("ETP"), and Dr. Tak W. Mak, Director of The Campbell Family Institute for Cancer Research.

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

The Company entered into purchase agreements with the investors, pursuant to which the Company has agreed to issue and sell to the investors convertible notes in the aggregate principal amount of $10 million.  The investors also will be issued warrants covering a number of shares of common stock equal to 20% of the principal amount of the notes, divided by $1.15.  The warrants are exercisable at $1.40 per share.  The closing of the transaction is anticipated to occur on or about January 27, 2012 upon the satisfaction of certain conditions. 

At the closing, IDG and ETP have the right to designate in the aggregate two members of the Company's Board of Directors.  In addition, it is expected that the Company will select an interim Chief Executive Officer.  

Subject to the approval of the Company's stockholders at the 2012 stockholder meeting, the notes will automatically and immediately convert into shares of common stock and the warrants will become exercisable.  The notes have a maturity date of August 31, 2012, bear an interest rate of 6% and will convert at a conversion price of $1.15 per share.  The conversion price reflects the 10-day average closing sale price ending on January 20, 2012.  The notes are not convertible, and the war
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