ROCKVILLE, Md., Nov. 14, 2012 /PRNewswire/ -- EntreMed, Inc.
(Nasdaq: ENMD), a clinical-stage pharmaceutical company developing
therapeutics for the treatment of cancer, today reported financial
results for the three and nine-month periods ending September 30, 2012.
(Logo: http://photos.prnewswire.com/prnh/20010620/ENMDLOGO )
EntreMed reported a net loss for the third quarter of 2012 of
($1.2 million), or ($0.05) per share. This compares with a net loss
of ($1.3 million), or ($0.13) per share, for the same period last
year. For the first nine months of 2012 the net loss,
excluding non-cash interest expense, was ($4.1 million), or ($0.25) per share as compared to ($5.6 million), or ($0.54) per share for 2011. The 2012
reported net loss for the nine months ended September 30, 2012 included non-cash interest
charges totaling $10.0 million
associated with our Strategic Financing, recorded in accordance
with US generally accepted accounting principles. Including
the non-cash interest expense, the reported net loss for the nine
months ended September 30, 2012 was
($14.2 million), or ($0.81) per share.
As of September 30, 2012, EntreMed
had cash and cash equivalents of approximately $8.8 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 decreased
compared to the previous year as we completed enrollment of
patients in the ENMD-2076 Phase 2 ovarian cancer study in 2011, in
addition to a decrease in personnel costs in 2012. We
anticipate fourth quarter operating expenses to increase as we
execute on our clinical development plan in the US and China."
Dr. Ken Ren, EntreMed's Chief
Executive Officer, further commented, "We are pleased with the
progress made in the third quarter. Our China office is fully operational with local
activities in full swing. Our triple-negative breast trial is
continuing to enroll patients and we are in various stages of
assessing and planning additional trials for ENMD-2076. We are
encouraged by our prospects and look forward to continuing to
execute our global clinical development strategy."
About EntreMed
EntreMed, Inc. 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, Inc. recently initiated a dual-institutional Phase 2
study of ENMD-2076 in triple-negative breast cancer.
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-2076
ENMD-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. ENMD-2076 is currently completing a Phase 2 trial for
ovarian cancer. EntreMed, Inc. recently initiated a
dual-institutional Phase 2 study of ENMD-2076 in triple-negative
breast cancer.
Forward Looking
Statements
This 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; 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 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 RESULTS
|
(Unaudited)
|
|
|
|
|
|
Three
Months Ended September 30,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
Total
revenues
|
$
|
0
|
$
|
0
|
|
|
|
|
|
Research
and
development
|
|
623,092
|
|
703,456
|
|
|
|
|
|
General
and
administrative
|
|
564,626
|
|
556,601
|
|
|
|
|
|
Interest
Expense
|
|
0
|
|
0
|
|
|
|
|
|
Net
loss
|
|
(1,187,718)
|
|
(1,308,377)
|
|
|
|
|
|
Net loss
per share (basic and
diluted)
|
$
|
(0.05)
|
$
|
(0.13)
|
attributable to common
shareholders
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
outstanding
|
|
22,503,393
|
|
12,004,435
|
(basic and
diluted)
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
Total
revenues
|
$
|
0
|
$
|
8,852
|
|
|
|
|
|
Research
and
development
|
|
1,880,629
|
|
3,051,437
|
|
|
|
|
|
General
and
administrative
|
|
2,262,874
|
|
2,529,604
|
|
|
|
|
|
Interest
Expense
|
|
10,041,292
|
|
0
|
|
|
|
|
|
Net
loss
|
|
(14,184,795)
|
|
(5,563,016)
|
|
|
|
|
|
Net loss
per share (basic and
diluted)
|
$
|
(0.81)
|
$
|
(0.54)
|
attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares
outstanding
|
|
17,897,231
|
|
11,654,078
|
(basic and
diluted)
|
|
|
|
|
|
|
|
|
|
Cash and
cash
equivalents
|
$
|
8,812,133
|
$
|
1,986,165
|
SOURCE EntreMed, Inc.