EntreMed reports net loss of $2.6 million for first quarter 2011

May 16 2011

EntreMed, Inc. (NASDAQ: ENMD), a clinical-stage pharmaceutical company, today announced financial results for the three months ended March 31, 2011.  

The Company reported a net loss for the first quarter of approximately ($2.6 million), or ($0.25) per share, compared with a net loss of ($2.1 million), or ($0.28) per share, for the same period last year.  The Company did not report any revenues for the first quarter 2011.  As of March 31, 2011, the Company had cash and short-term investments of approximately $4.8 million.  

Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented on the Company's first quarter results, "Our first quarter 2011 financial results were in line with expectations.  R&D expenses for the first quarter increased over the previous year as we continued to enroll patients in the ENMD-2076 Phase 2 ovarian cancer study.  The Company fulfilled its term loan obligation to GE Capital Corporation and the loan was repaid in full on January 3, 2011."

Michael M. Tarnow, Executive Chairman, commented, "During the first quarter, we remained diligent in our strategy for the development of ENMD-2076 while carefully managing our financial resources.  Earlier this year, we were pleased to announce the completion of enrollment for the ENMD-2076 Phase 2 study in patients with platinum resistant ovarian cancer. The trial is progressing and the data will be presented at the American Society of Clinical Oncology (ASCO) annual meeting in June."