EntreMed second quarter 2010 net loss increases to $0.62 per share

Aug 16 2010

The Company reported a net loss for the second quarter of 2010 of ($4.9 million), or ($0.62) per share.  This compares with a net loss of ($3.1 million), or ($0.46) per share, for the same period last year.  For the first six months of 2010 the reported net loss was ($7.1 million), or ($0.95) per share as compared to ($6.6 million), or ($0.98) per share for 2009.  

As of June 30, 2010, EntreMed had cash and short-term investments of approximately $8 million.

Ms. Kathy Wehmeir-Davis, EntreMed Principal Accounting Officer, commented on the second quarter results, "During the second quarter, the Company recorded a $3.0 million non-cash charge in connection with a stock milestone payment triggered by the successful initiation of our Phase 2 clinical study with ENMD-2076. Excluding the non-cash charge, second quarter expenses were in line with our expectations and below the comparable period in 2009. We anticipate third and fourth quarter operating expenses to increase slightly as we complete enrollment for the multi-center Phase 2 ovarian cancer study. In addition, we expect that the majority of our 2010 revenue will be from royalties on the sales of Thalomid®, which will be recorded as received."

Michael M. Tarnow, EntreMed Executive Chairman, further commented, "The second quarter of 2010 was pivotal for the Company.  During the second quarter, we achieved a critical milestone with the initiation of the multi-center Phase 2 study for ENMD-2076 in ovarian cancer patients.  The Phase 2 study is being conducted at six prestigious cancer centers within the U.S. and Canada and all sites are currently enrolling patients.  In addition, we regained compliance with the minimum bid price rule and maintained our listing on the NASDAQ Capital Market.  Early in the second quarter we completed our third financing for 2010 for $3.0 million in gross proceeds.  We remain encouraged and enthusiastic about the progress of the ENMD-2076 clinical program and are working hard to meet our development objectives for this exciting compound."