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The Company reported a net loss for the first quarter of approximately ($3.5 million), or ($0.04) per share, compared with a net loss of ($8.3 million), or ($0.10) per share, for the same period last year. The Company did not report any revenues for the first quarter 2009. As of March 31, 2009, the Company had cash and short-term investments of approximately $20.8 million.

Kathy R. Wehmeir-Davis, Principal Accounting Officer, commented on the first quarter results, "The Company's first quarter 2009 financial results were in line with our projections. During the first quarter, the Company realized significant cost savings as a result of our strategy to accelerate the clinical development of our priority Aurora A and angiogenic kinase inhibitor, ENMD-2076, and to focus our financial resources primarily on activities that support the advancement of this program. We expect operational expenses to remain at similar levels through the second quarter. Consistent with the past few years, we anticipate recording royalty revenue from Celgene's sales of Thalomid(R) beginning in the third quarter."

Michael M. Tarnow, Executive Chairman commented, "Our first quarter operating results are a testimony to our diligence in streamlining operations and reducing non-essential expenditures. The corporate restructuring effort is substantially complete and the team is focused primarily on the clinical development of ENMD-2076. The Board remains enthusiastic about this exciting compound and believes the recent realignment and continued commitment of the EntreMed team position the Company to pursue and advance prospective partnerships for the ENMD-2076 clinical program."

About EntreMed

EntreMed, Inc. is a clinical-stage pharmaceutical company focusing primarily on the development of its priority program, ENMD-2076, for the treatment of cancer. ENMD-2076 is an Aurora A and angiogenic kinase inhibitor, which is currently in Phase 1 studies in patients with solid tumors and multiple myeloma. In addition, multiple Phase 1 and 2 clinical trials are ongoing for MKC-1, an oral cell-cycle regulator with activity against the mTOR pathway, and ENMD-1198, a novel tubulin-binding agent. The Company also has an approved IND application for Panzem(R) in the treatment of rheumatoid arthritis.