ROCKVILLE, Md., March 12 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported results for the three months and twelve months ended December 31, 2008.

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For fiscal year 2008, revenues were $7.5 million versus $7.4 million for 2007. For the year ended December 31, 2008, the Company reported a net loss of ($24.9 million) or ($0.29) per share, versus ($23.4 million), or ($0.28) per share, for fiscal year 2007. As of December 31, 2008, the Company had cash and short-term investments of approximately $24 million.

Revenues for the fourth quarter ended December 31, 2008 were $4.0 million compared to $3.9 million for the fourth quarter ended December 31, 2007. The Company reported a net loss of ($2.8 million), or ($.04) per share for the three months ended December 31, 2008. This compares with a net loss of ($4.0 million), or ($0.05) per share for the fourth quarter 2007.

Kathy R. Wehmeir-Davis, Principal Accounting Officer, commented, 'Financial results for 2008 are reflective of the Company's decision to realign its financial and human resources to focus primarily on the clinical development of our Aurora A and angiogenic kinase inhibitor, ENMD-2076, for the treatment of cancer. As a result of the realignment, the Company reduced its workforce by approximately sixty percent, which resulted in a fourth quarter charge for severance and related benefits of approximately $1.7 million. Our fourth quarter 2008 revenue was consistent with fourth quarter revenue in 2007.'

Ms. Wehmeir-Davis continued, 'For 2008, we recorded $7.5 million in royalty revenue from Celgene's sales of Thalomid(R), a small increase over our 2007 royalty revenues of $7.4 million. Research and development expenses decreased in 2008 by approximately $3.7 million, which results primarily from discontinuing clinical development of 2ME2 (Panzem(R) NCD) for oncology and winding down of manufacturing and clinical trial operations with our other product candidates.