EntreMed reports net loss of $1.5M in first quarter 2014

May 15 2014

EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and other diseases, today reported financial results for the three months ended March 31, 2014.

The Company reported a net loss for the first quarter of 2014 of ($1.5 million), or ($0.05) per share, compared with a net loss of ($1.1 million), or ($0.05) per share, for the same period last year. The increase in the net loss for the 2014 period is primarily due to higher costs associated with the Company's research and development operations in China, as well as additional costs related to corporate business development initiatives in 2014.

As of March 31, 2014, EntreMed had cash and cash equivalents of $14.2 million.

Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented, "Our research and development expenses for the first quarter increased over the prior year due to the growth of our China operations including personnel and other clinical development costs of ENMD-2076 in China.  Our general and administrative expenses for the first quarter increased over the prior year due to an increase in business development and investor relations activities, in addition to an increase in non-cash stock based compensation expense. As we continue to execute our clinical development plan, we expect operating expenses to increase in 2014 compared with 2013."

Dr. Ken Ren, Chief Executive Officer, commented, "We are pleased with our progress with ENMD-2076 as we continue enrollment in our Phase 2 trials in triple-negative breast cancer, advanced/soft tissue sarcoma and advanced clear cell ovarian carcinoma.  As we continue to advance ENMD-2076 as our lead program, we will continue to implement our business development strategy to acquire additional drug candidates to expand our pipeline.  We remain on track with our plans and finances."

SOURCE EntreMed, Inc.