EntreMed Reports First Quarter 2013 Financial Results

            EntreMed Reports First Quarter 2013 Financial Results

PR Newswire

ROCKVILLE, Md., May 15, 2013

ROCKVILLE, Md., May 15, 2013 /PRNewswire/ --EntreMed, Inc. (NASDAQ: ENMD), a
clinical-stage pharmaceutical company, today reported financial results for
the three months ended March 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20010620/ENMDLOGO )

The Company reported a net loss for the first quarter of approximately ($1.1
million), or ($0.05) per share, compared with a net loss of ($2.5 million), or
($0.23) per share, for the same period last year. The reported net loss for
the three months ended March 31, 2012 included non-cash interest charges
totaling approximately $0.9 million associated with the Company's 2012
financing, recorded in accordance with US generally accepted accounting
principles. For the three months ended March 31, 2012, the net loss, excluding
non-cash interest expense, was ($1.6 million), or ($0.16) per share.

As of March 31, 2013, EntreMed had cash and cash equivalents of approximately
$18.3 million, which includes approximately $10.3 million in net proceeds from
a financing which was completed on March 14, 2013.

Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer,
commented, "Our financial resources were dedicated primarily to the clinical
development of our lead drug candidate, ENMD-2076. Our financial results for
the first quarter are in line with our expectations. Research and development
expenses for the first quarter of 2013 decreased compared to the previous
year, reflecting the absence of severance related costs in the 2013 period,
offset by increased costs associated with the clinical development of ENMD
-2076 in the U.S. and China during 2013. Our general and administrative
expenses for the first quarter of 2013 also decreased compared to the previous
year, reflecting reduced personnel costs, the effect of cost savings
initiatives and optimization of our organizational structure. We anticipate
research and development expenses to increase in 2013 as we execute on our
clinical development plan in the US and China." 

Dr. Ken Ren, Chief Executive Officer, commented, "We start this next quarter
with continued excitement, a balance sheet further strengthened by our recent
financing led by Kleiner Perkins Caufield Byers China, and the support of
additional new Board members. We will continue to execute on our China-US
development strategy and steadily move our ENMD-2076 program forward, as well
as seek additional pipeline opportunities."

About EntreMed

EntreMed is a clinical-stage pharmaceutical company employing a drug
development strategy primarily in the United States and China to develop
targeted therapeutics for the global market. 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 currently completing a
multi-center Phase 2 study in ovarian cancer. EntreMed is currently
conducting a Phase 2 study of ENMD-2076 in triple-negative breast cancer and a
Phase 2 study of ENMD-2076 in advanced/metastatic soft tissue sarcoma. The
Company is headquartered in Rockville, Maryland and has local operations 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
Securities and Exchange Commission (the SEC).

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, leukemia, and multiple myeloma, and is currently completing a
Phase 2 trial for ovarian cancer. EntreMed, Inc. is currently conducting a
dual-institutional Phase 2 study of ENMD-2076 in triple-negative breast cancer
and a Phase 2 study in advanced/metastatic soft tissue sarcoma. ENMD-2076 has
received orphan drug designation from the FDA for the treatment of ovarian
cancer, multiple myeloma and acute myeloid leukemia.

Forward Looking Statements

This 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; declines in actual sales of Thalomid®
resulting in reduced or no royalty payments; risks associated with our product
candidates; any early-stage products under development; 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 ("SEC"), which are available at www.sec.gov.

COMPANY CONTACT:
Investor Relations
EntreMed, Inc.
240.864.2643
investorrelations@entremed.com

(Financial Table Attached)

ENTREMED, INC.
SUMMARY OF OPERATING RESULTS
Three Months Ended
March 31,
                                                          2013         2012
Total                                                     $       $     
revenues    0         0
Research and development           $          $   
                                                          506,375     561,249
General and                                               $          $ 
administrative            629,902     1,096,746
Interest expense (income), net         $       $   
                                                          (390)       875,863
Net Loss   $            $
                                                          (1,135,887) (2,533,858)
Net loss per share attributable to
common shareholders (basic and diluted)        $       $     
                                                          (0.05)       (0.23)
Weighted average number of
shares outstanding (basic and                             23,357,782   12,158,124
diluted)
Cash and cash equivalents      $ 18,270,729 $
                                                                       11,345,510



SOURCE EntreMed, Inc.

Website: http://www.entremed.com
 
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