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EntreMed Secures $5.1 Million in Registered Direct Offering and Enters into Agreement for Rights to License ENMD-2076 in China
Date:9/8/2010

e option is exercisable at any time until December 31, 2011.

"We worked with Selected Value Therapeutics to develop an innovative financing structure that accomplishes our financing goals with minimum dilution to our current investors," said Michael M. Tarnow, Executive Chairman of EntreMed.  "The financing extends our cash runway through 2011.  We are on track to complete our current Phase 2 ovarian cancer study and, based on the results from our Phase 1 studies, will move forward with our plans for expansion into additional clinical trials in other indications.  We view both the investment in the Company and the option to participate in the clinical development of the compound in China as a vote of confidence in the potential of ENMD-2076."

Dr. Tak W. Mak, a scientific advisor to EntreMed and a co-founder of Miikana Therapeutics, Inc. which was later acquired by EntreMed in 2006, added, "I have been involved with ENMD-2076 since its discovery by Miikana.  We look forward to EntreMed's further development of this compound and are encouraged by its potential to improve the lives of cancer patients in the U.S. and abroad."

Terms of the Transaction An aggregate of 1,886,662 shares of EntreMed's common stock and warrants to purchase an aggregate of 377,327 shares of its common stock will be issued pursuant to the securities purchase agreement.  The shares of common stock and warrants were offered in units consisting of one share of common stock and 0.20 warrants to purchase one share of common stock at a price of $2.70 per unit to a group of accredited investors.  The common stock purchase price represents the consolidated closing bid price of EntreMed's common stock on September 7, 2010.  The warrants have a term of three years and an exercise price of $2.825.  

Net proceeds from the offering will be approximately $4.7 million after deducting fees and estimated offering expenses payable by EntreMe
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SOURCE EntreMed, Inc.
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