EntreMed Reports First Quarter 2005 Financial Results
May 03, 2005
ROCKVILLE, MD, May 3—EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported financial results for the three months ended March 31, 2005.
The Company reported a net loss for the first quarter of approximately ($5.5 million), or ($0.13) per share, compared with a net loss of ($5.0 million), or ($0.14) per share, for the same period last year. As of March 31, 2005, the Company had cash and short-term investments of approximately $43.6 million. Revenues for the first quarter 2005 were approximately $25,000 versus $98,000 for the comparable period in 2004.
Dane R. Saglio, EntreMed Chief Financial Officer, reported on the first quarter results, “Our financial results reflect the Company’s progress in early 2005. During the first quarter, we initiated Phase 1b studies with PanzemÂ® NCD and enhanced our product pipeline through the in-licensing of Celgene’s tubulin inhibitor program. As a result of these events, our expenses for the quarter were higher than the comparable quarter in 2004.”
James S. Burns, EntreMed President and CEO commented, “The Company remains on course with the advancement of our lead product candidate, PanzemÂ® NCD, and our preclinical pipeline programs. Additionally, through Celgene’s warrant exercise, we have secured the financial resources to enable us to fund planned operations into 2007.”
The first quarter update call is scheduled for Wednesday, May 18, 2005 from 10:00 am to 11:00 am ET and will include a question and answer session. To access the live conference, please dial 800-473-6123 (U.S. or Canada) or 973-582-2732 (internationally) at least 10 minutes prior to the beginning of the call. A digital recording will be available approximately one hour after completion of the conference and will be accessible for 60 days. To access the recording, dial 877-519-4471 (U.S. or Canada) or 973-341-3080 (internationally) and enter the digital pin number 5989660. This call will not be web cast, however, an audio replay will also be available on the Company’s website at http://www.entremed.com approximately one hour after the conclusion of the live conference.
EntreMed, Inc. (Nasdaq: ENMD) is a clinical-stage pharmaceutical company developing therapeutic candidates primarily for the treatment of cancer and inflammation. PanzemÂ® (2-methoxyestradiol or 2ME2), the Company’s lead drug candidate, is currently in clinical trials for cancer, as well as in preclinical development for non-oncology indications. EntreMed’s goal is to develop and commercialize new compounds based on the Company’s expertise in angiogenesis, cell cycle regulation and inflammation—processes vital to the treatment of cancer and other diseases, such as rheumatoid arthritis. Additional information about EntreMed is available on the Company’s website at http://www.entremed.com and in various filings with the Securities and Exchange Commission.
ENTREMED, INC. SUMMARY OF OPERATING RESULTS Three Months Ended March 31, 2005 2004 Total revenues $ 25,249 $ 97,967 Research and development $ 4,379,356 $ 3,056,970 General and administrative $ 1,260,822 $ 2,092,939 Net Income/(Loss) $(5,456,468) $(4,967,348) Net loss per share attributable to common shareholders (basic and diluted) $ (0.13) $ (0.14) Weighted average number of shares outstanding (basic and diluted) 43,345,118 36,973,012 Cash and Short-term Investments $43,589,889 $30,698,790
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