EntreMed to Conduct Update Call on Tuesday, August 12, 2008
ROCKVILLE, Md., Aug. 6 /PRNewswire-FirstCall/ -- 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 and six-month periods ending June 30,
2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010620/ENMDLOGO )
The Company reported a net loss for the second quarter of 2008 of
($9.6 million), or ($0.11) per share. This compares with a net loss of
($7.9 million), or ($0.10) per share, for the same period last year. For the
first six months of 2008 the reported net loss was ($17.9 million), or ($0.22)
per share as compared to ($15.6 million), or ($0.19) per share for 2007. The
2008 net loss for the three and six-month periods include a non-cash charge of
$2.0 million, which represents a purchase price adjustment milestone triggered
by the dosing of the first patient in a clinical trial for ENMD-2076, the lead
molecule in our Aurora kinase program acquired from Miikana Therapeutics in
January 2006.
The Company did not report any revenues for the first six months of 2008,
although the Company believes that it will record royalty revenues in excess
of $7 million on sales of Thalomid(R) by Celgene in the third and fourth
quarters of 2008. As of June 30, 2008, EntreMed had cash and short-term
investments of approximately $36 million.
Dane Saglio, EntreMed Chief Financial Officer, commented on the second
quarter results, 'During the second quarter of 2008, we recorded a $2.0
million non-cash charge resulting from the Company's decision to make the
ENMD-2076 milestone payment in stock. Excluding the non-cash charge, second
quarter expenses were in-line with first quarter expenses and below the
comparable period in 2007. We expect operating expenses to remain at similar
levels for the third quarter before decreasing towards the end of the year. In
addition, we anticipate that royalty revenue on Celgene's sales of Thalomid(R)
will offset a portion of our expenses in the second half. We expect to begin
recording royalties in the third quarter.'
James S.
