EntreMed fourth quarter revenue is $3.7 million for fiscal year 2010

Mar 30 2011

EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today reported results for the three months and twelve months ended December 31, 2010.  

For fiscal year 2010, revenues were $3.7 million compared to $5.3 million for fiscal 2009.  For the year ended December 31, 2010, the Company reported a net loss of ($9.1 million) or ($0.94) per share, compared to a net loss of ($9.2 million), or ($1.16) per share, for fiscal year 2009.  As of December 31, 2010, the Company had cash and short-term investments of approximately $4.9 million.

Revenues for the fourth quarter ended December 31, 2010 were $3.7 million compared to $1.6 million for the fourth quarter ended December 31, 2009. The Company reported net income of $0.8 million, or $0.07 per share for the three months ended December 31, 2010.  This compares with a net loss of ($2.0 million), or ($0.75) per share for the fourth quarter 2009.  Revenues in the fourth quarter of fiscal 2010 were primarily from royalty payments from Celgene Corporation's sales of Thalomid®.

Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented, "Our financial resources continue to be dedicated primarily to the clinical development of ENMD-2076.  We expect that R&D expenses for ENMD-2076 will remain consistent or increase as we pursue financing to further support our clinical investigation of ENMD-2076 in 2011.  Royalty revenues from Celgene's sales of Thalomid® in 2010 were $3.4 million, compared to $5.0 million in 2009.  We will continue to exercise prudent financial management and be opportunistic in the capital markets and with transactions that can offer non-dilutive financing to the Company."  

Executive Chairman of the Board, Michael M. Tarnow commented, "In 2010, we achieved several important milestones for the clinical development of ENMD-2076.  During the year, we completed the ENMD-2076 Phase 1 studies in refractory solid tumor and leukemia patients. Based on data from the Phase 1 study in patients with solid tumors, ovarian cancer was selected as the initial indication for Phase 2 studies and, in April of 2010, we commenced a multi-center Phase 2 study with ENMD-2076 in ovarian cancer patients.  We recently completed enrollment for the study and anticipate the presentation of data at an upcoming scientific meeting later this year.  In 2010, EntreMed completed four stock offerings which provided proceeds for the Company to execute on its clinical strategy in 2010 and further development of ENMD-2076."