EntreMed Reports Second Quarter 2009 Financial Results
August 06 2009 - 7:00AM
PR Newswire (US)
ROCKVILLE, Md., Aug. 6 /PRNewswire-FirstCall/ -- EntreMed, Inc.
(NASDAQ: ENMD), a clinical-stage pharmaceutical company developing
therapeutics for the treatment of cancer, today reported financial
results for the three and six-month periods ending June 30, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO ) The
Company reported a net loss for the second quarter of 2009 of ($3.1
million), or ($0.04) per share. This compares with a net loss of
($9.6 million), or ($0.11) per share, for the same period last
year. For the first six months of 2009 the reported net loss was
($6.6 million), or ($0.08) per share as compared to ($17.9
million), or ($0.22) per share for 2008. The Company did not report
any revenues for the first six months of 2009, although the Company
believes that it will record royalty revenues of approximately $7.0
million on Celgene's sales of Thalomid in the third and fourth
quarters of 2009. As of June 30, 2009, EntreMed had cash and
short-term investments of approximately $15 million. Ms. Kathy
Wehmeir-Davis, EntreMed Principal Accounting Officer, commented on
the second quarter results, "During the second quarter of 2009,
expenses were in-line with first quarter expenses and significantly
below the comparable period in 2008. We expect operating expenses
to increase slightly in the second half of the year as we look to
expand ENMD-2076 clinical trials. In addition, we anticipate that
royalty revenue on Celgene's sales of Thalomid will offset a
portion of our expenses in the second half of 2009 and expect to
begin recording royalties in the third quarter." Michael M. Tarnow,
EntreMed Executive Chairman, further commented, "Our second quarter
financial results reflect the diligent efforts the team has put
forth in the first half of the year to execute on our strategy to
accelerate the development of our priority program, ENMD-2076, and
to reduce non-priority expenses at every level in the organization.
Our current cash position will allow us to continue to execute on
our clinical development strategy for ENMD-2076 and to fund ongoing
and planned operations through the second quarter of 2010. The
Board continues to be encouraged by ENMD-2076 clinical results as
we set the stage for our Phase 2 program and continue our active
discussions for development collaborations." 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. Preclinical studies with ENMD-2076 demonstrated significant
antitumor activity, including tumor regression, in multiple solid
and hematological malignancies. 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 Flt-3 and FGFR3, kinases which
have been shown to play important roles in the pathology of
hematological cancers. About EntreMed EntreMed, Inc. is a
clinical-stage pharmaceutical company committed to developing
primarily ENMD-2076, a selective angiogenic kinase inhibitor, for
the treatment of cancer. ENMD-2076 is currently in Phase 1 studies
in advanced cancers, multiple myeloma, and leukemia. The Company's
other therapeutic candidates include MKC-1, an oral cell-cycle
regulator with activity against the mTOR pathway currently in
multiple Phase 2 clinical trials for cancer, and ENMD-1198, a novel
antimitotic agent currently in Phase 1 studies in advanced cancers.
The Company also has an approved IND application for Panzem in
rheumatoid arthritis. Additional information about EntreMed is
available on the Company's web site at http://www.entremed.com/ and
in various filings with the Securities and Exchange Commission.
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 (including the timing of royalty
revenues and future R&D expenditures), 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 those set forth in Securities
and Exchange Commission filings under "Risk Factors," including
risks relating to the need for additional capital and the
uncertainty of additional funding; variations in actual sales of
Thalomid , risks associated with the Company's product candidates;
the early-stage products under development; results in preclinical
models are not necessarily indicative of clinical results,
uncertainties relating to preclinical and clinical trials; success
in the clinical development of any products; dependence on third
parties; future capital needs; and risks relating to the
commercialization, if any, of the Company's proposed products (such
as marketing, safety, regulatory, patent, product liability,
supply, competition and other risks). ENTREMED, INC. SUMMARY OF
OPERATING RESULTS (Unaudited) Three Months Ended June 30, 2009 2008
Total revenues $0 $0 Research and development 1,659,474 5,484,857
General and administrative 1,010,733 1,739,691 In-process research
and development 0 2,000,000 Net loss (3,051,193) (9,570,143) Net
loss per share (basic and diluted) $(0.04) $(0.11) attributable to
common shareholders Weighted average number of shares 87,740,079
85,535,426 outstanding (basic and diluted) Six Months Ended June
30, 2009 2008 Total revenues $0 $0 Research and development
3,612,934 11,672,060 General and administrative 2,170,454 3,722,685
In-process research and development 0 2,000,000 Net loss
(6,567,948) (17,916,599) Net loss per share (basic and diluted)
$(0.08) $(0.22) attributable to common shareholders Weighted
average number of shares 87,734,393 85,217,169 outstanding (basic
and diluted) Cash and short-term investments $15,154,973
$36,196,345 Contact: Ginny Dunn Associate Director Corporate
Communications & Investor Relations 240-864-2643
http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO
http://photoarchive.ap.org/ DATASOURCE: EntreMed, Inc. CONTACT:
Ginny Dunn, Associate Director, Corporate Communications &
Investor Relations of EntreMed, Inc., +1-240-864-2643 Web Site:
http://www.entremed.com/
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