EntreMed third quarter net loss decreases to $1.3 million

Nov 14 2011

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, 2011.  

EntreMed reported a net loss for the third quarter of 2011 of ($1.3 million), or ($0.13) per share. This compares with a net loss of ($2.1 million), or ($0.24) per share, for the same period last year.  For the first nine months of 2011 the reported net loss was ($5.6 million), or ($0.54) per share as compared to ($9.2 million), or ($1.09) per share for 2010.  

As of September 30, 2011, EntreMed had cash and cash equivalents of approximately $2.0 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.  We anticipate fourth quarter operating expenses to continue to decrease.  In addition, we expect that the majority of our 2011 revenue will be from royalties on the sales of Thalomid®."

Michael M. Tarnow, EntreMed's Executive Chairman, further commented, "We are thankful to our shareholders for their support of EntreMed. We are moving forward with the planning process for the next clinical trial of ENMD-2076. The initiation of the next trial will necessitate additional resources, and we are continuing to pursue partnering and funding opportunities."