ROCKVILLE, Md., Aug. 6 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today reported financial results for the three and six-month periods ending June 30, 2009.
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The Company reported a net loss for the second quarter of 2009 of ($3.1 million), or ($0.04) per share. This compares with a net loss of ($9.6 million), or ($0.11) per share, for the same period last year. For the first six months of 2009 the reported net loss was ($6.6 million), or ($0.08) per share as compared to ($17.9 million), or ($0.22) per share for 2008.
The Company did not report any revenues for the first six months of 2009, although the Company believes that it will record royalty revenues of approximately $7.0 million on Celgene's sales of Thalomid(R) in the third and fourth quarters of 2009. As of June 30, 2009, EntreMed had cash and short-term investments of approximately $15 million.
Ms. Kathy Wehmeir-Davis, EntreMed Principal Accounting Officer, commented on the second quarter results, "During the second quarter of 2009, expenses were in-line with first quarter expenses and significantly below the comparable period in 2008. We expect operating expenses to increase slightly in the second half of the year as we look to expand ENMD-2076 clinical trials. 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 of 2009 and expect to begin recording royalties in the third quarter."
Michael M. Tarnow, EntreMed Executive Chairman, further commented, "Our second quarter financial results reflect the diligent efforts the team has put forth in the first half of the year to execute on our strategy to accelerate the development of our priority program, ENMD-2076, and to reduce non-priority expenses at every level in the organization. Our current cash position will allow us to continue to execute on our clinical development strategy for ENMD-2076 and to fund ongoing and planned operations through the second quarter of 2010. The Board continues to be encouraged by ENMD-2076 clinical results as we set the stage for our Phase 2 program and continue our active discussions for development collaborations."
About ENMD-2076
ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. Preclinical studies with ENMD-2076 demonstrated significant antitumor activity, including tumor regression, in multiple solid and hematological malignancies.
