Welcome!

News Feed Item

EntreMed Reports 2013 Fourth Quarter And Full Year Financial Results

ROCKVILLE, Md., March 21, 2014 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and other diseases, today reported financial results for the three and 12 months ended December 31, 2013. 

EntreMed logo

The Company reported a net loss of ($1.3 million), or ($0.05) per share for the three months ended December 31, 2013.  This compares with net loss of ($0.4 million), or ($0.02) per share for the fourth quarter of 2012.  The increase in net loss primarily was due to the expected decline in Celgene Corporation's sales of Thalomid® in 2013 which resulted in no recorded revenue from royalties for the Company in the fourth quarter of 2013, compared to $0.7 million royalty revenue earned in 2012.

The net loss for 2013 was ($5.7) million or ($0.22) per share, compared with a net loss of ($14.5) million or ($0.78) per share for 2012. The reported net loss for 2012 included non-cash interest charges of $10.0 million associated with the Company's 2012 financing, recorded in accordance with U.S. Generally Accepted Accounting Principles. Excluding these charges, the net loss for 2012 was ($4.5) million or ($0.25) per share.

As of December 31, 2013, EntreMed had cash and cash equivalents of $15.1 million

Sara B. Capitelli, EntreMed's Vice President, Finance and Principal Accounting Officer, commented, "Our research and development expenses for the fourth quarter increased over the prior year due to costs of clinical trials that began in 2013, along with higher personnel and other clinical development costs of ENMD-2076 in China during 2013.  We are continuing to execute our clinical development plans in the U.S. and China, and expect operating expenses to increase in 2014.  Whereas we recorded royalty revenue of $0.7 million in 2012, there were no royalty revenues from Celgene's sales of Thalomid® in 2013, which was in line with our expectations and reflects a decline in sales of Thalomid® in the United States." 

Further information regarding the Company, including its Annual Report on Form 10-K for the year ended December 31, 2013, can be found at www.entremed.com.

Dr. Ken Ren, Chief Executive Officer, commented, "Our financial results for the quarter and year ended December 31, 2013 are largely as expected.  We continue to manage our operating costs prudently while we advance our trials with ENMD-2076 for a number of cancers in North America and China, and make progress on identifying new compounds to license, particularly for the rapidly growing pharmaceutical market in China."

Dr. Ren continued, "We are pleased to have achieved a number of milestones in 2013 and recent weeks.  In particular, we strengthened our intellectual property with the issuance in China of a patent covering composition of matter and uses to treat a number of cancers for our lead compound, ENMD-2076.  This type of patent is one of the strongest patents one can achieve in China.  In mid-2013, we filed a new global import drug clinical trial application with China's Food and Drug Administration (CFDA) for ENMD-2076 for the treatment of advanced/metastatic sarcomas.  We ended the year with the initiation of a Phase 2 trial for EMND-2076 in ovarian clear cell carcinomas at the Princess Margaret Cancer center in Toronto, and followed in early 2014 with the submission of a global import drug clinical trial application with the CFDA for the same indication."

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.  ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase.  Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers.  ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases, which have been shown to play important roles in the pathology of several cancers.  ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers including ovarian, breast, liver, renal and sarcoma, as well as in leukemia and multiple myeloma.  EntreMed is completing a Phase 2 trial of ENMD-2076 in ovarian cancer.  In addition, EntreMed is conducting a dual-institutional Phase 2 study of ENMD-2076 in triple-negative breast cancer, a Phase 2 study in advanced/metastatic soft tissue sarcoma, and a Phase 2 study in advanced ovarian clear cell carcinomas. ENMD-2076 has received orphan drug designation from the U.S. FDA for the treatment of ovarian cancer, multiple myeloma and acute myeloid leukemia.

About EntreMed

EntreMed is a clinical-stage pharmaceutical company employing a drug-development strategy that leverages resources in both North America and in China to develop therapeutics for the treatment of cancer and other diseases.  Its lead compound, ENMD-2076, a selective angiogenic kinase inhibitor, has completed several Phase 1 studies in solid tumors, multiple myeloma and leukemia, and is completing a multi-center Phase 2 study in ovarian cancer.  EntreMed is conducting a Phase 2 study of ENMD-2076 in triple-negative breast cancer, a Phase 2 study of ENMD-2076 in advanced/metastatic soft tissue sarcoma, and a Phase 2 study of ENMD-2076 in advanced ovarian clear cell carcinomas.  The Company is headquartered in Rockville, Maryland and has a wholly owned subsidiary in Beijing, China.  Additional information about EntreMed is available on the Company's web site at www.entremed.com and in various filings with the U.S. Securities and Exchange Commission.

Forward Looking Statements           

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, strategies, expectations and goals.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed.

Actual results could differ materially from those currently anticipated due to a number of factors, including: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be delisted from trading on the Nasdaq Capital Market; the volatility of our common stock; the difficulty of executing our business strategy in China; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidate or future candidates; risks relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; risks associated with our product candidates; risks associated with any early-stage products under development; the risk that results in preclinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials, including delays to the commencement of such trials; the lack of success in the clinical development of any of our products; dependence on third parties; and risks relating to the commercialization, if any, of our proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).  Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition.  We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. Additional information about the factors and risks that could affect our business, financial condition and results of operations, are contained in our filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.

COMPANY CONTACT:
EntreMed, Inc.
240.864.2643
[email protected]

INVESTOR CONTACT:
LHA
Kim Sutton Golodetz
212.838.3777
[email protected]


(Financial Table Follows)



ENTREMED, INC.

SUMMARY OF OPERATING RESULTS

 

Three Months Ended

December 31,



2013

2012




Total revenues

$                -

$    669,310




Research and development

$    612,634

$    494,712




General and administrative

$    696,251

$   535,096




Net loss

$ (1,308,468)

$  (360,430)




Net loss per share attributable to

common shareholders (basic and diluted)

$        (0.05)

$       (0.02)




Weighted average number of

shares outstanding (basic and diluted)

27,040,429

22,503,393


12 Months Ended

December 31,



2013

2012




Total revenues

$                   -

$      669,310




Research and development

$    2,749,430

$   2,375,339




General and administrative

$   2,990,589

$   2,797,971




Interest (income) expense, net

$        (1,658)

$10,041,224




Net loss

$ (5,738,361)

$ (14,545,224)




Dividend on Series A convertible preferred stock

$                  -

$    (335,000)




Net loss attributable to common shareholders

$ (5,738,361)

$ (14,880,224)




Net loss per share attributable to

common shareholders (basic and diluted)

$         (0.22)

$         (0.78)




Weighted average number of

shares outstanding (basic and diluted)

26,125,852

19,055,064




Cash and Cash Equivalents

$ 15,131,671

$  8,049,237

 

Logo - http://photos.prnewswire.com/prnh/20010620/ENMDLOGO

SOURCE EntreMed, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...