EntreMed Reports Second Quarter 2013 Financial Results

            EntreMed Reports Second Quarter 2013 Financial Results

PR Newswire

ROCKVILLE, Md., Aug. 14, 2013

ROCKVILLE, Md., Aug. 14, 2013 /PRNewswire/ --EntreMed, Inc. (NASDAQ: ENMD), a
clinical-stage pharmaceutical company developing therapeutics for the
treatment of a variety of cancers, today reported financial results for the
three and six-month periods ended June 30, 2013.

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

EntreMed reported a net loss for the second quarter of 2013 of ($1.9 million),
or ($0.07) per share. This compares with a net loss of ($10.5 million), or
($0.56) per share, for the same period last year. For the first six months
of 2013 the reported net loss was ($3.0 million), or ($0.12) per share as
compared to ($13.0 million), or ($0.86) per share for 2012. The 2012 net loss
was primarily attributed to non-cash interest charges associated with our
financing in 2012 ($9.2 million and $10.0 million for the three and six months
ended June 30, 2012, respectively). Excluding this non-cash interest, net
loss for the second quarter and first six months of 2012 was ($1.3 million),
or ($0.07) per share and ($3.0 million) or ($0.19) per share, respectively.

As of June 30, 2013, EntreMed had cash and cash equivalents of approximately
$17.2 million.

Sara B. Capitelli, EntreMed's Vice President, Finance & Principal Accounting
Officer, commented on the second quarter results, "Our second quarter 2013
financial results were in line with expectations. Our research and
development expenses for the second quarter increased compared to the previous
year due to costs associated with the clinical development of ENMD -2076 in
the U.S. and China during 2013. Our general and administrative expenses for
the second quarter of 2013 increased compared to the previous year, reflecting
an increase in non-cash stock based compensation of $0.4 million. We
anticipate third and fourth quarter research and development expenses to
increase primarily due to costs related to the Company's crossover
bioavailability and food effect study of ENMD-2076."

Ken Ren, PhD, EntreMed's Chief Executive Officer, further commented, "Our
finances are stable and reflect our prudent management of resources. As we
continue to deploy our capital in value-building and efficient ways, we
continue to advance the clinical development of ENMD-2076, expand our
capability in China, and will explore opportunities to enhance value and build
our pipeline. We are optimistic about our company's prospects and look
forward to further execution of our drug development strategy."

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, multiple myeloma, and is currently completing a Phase
2 trial for ovarian cancer. EntreMed 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.

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 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 Securities and Exchange Commission (the SEC).

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
(Unaudited)
Three Months Ended June 30,
                                                               2013        2012
Total revenues          $      $     
                                                                0        0
Costs and Expenses:
Research and development           836,582     696,287
General and                                                    1,015,701   601,502
administrative
Interest Expense                                               (443)       9,165,429
(Income)
Net loss       (1,851,840) (10,463,218)
Net loss per share (basic and diluted)           $        $   
                                                               (0.07)     (0.56)
attributable to common shareholders
Weighted average number of shares outstanding      27,023,038  18,979,559
(basic and diluted)
Six Months Ended June 30,
                                                               2013        2012
Total revenues               $      $     
                                                                 0       0
Costs and Expenses:
Research and development          1,342,957   1,257,536
General and administrative              1,645,603   1,698,248
Interest Expense (Income)         (833)       10,041,292
Net                                                            (2,987,727) (12,997,076)
loss
Net loss per share (basic and diluted)       $  $   
                                                               (0.12)      (0.86)
attributable to common shareholders
Weighted average number of shares outstanding       25,200,535  15,568,841
(basic and diluted)
Cash and cash equivalents    $17,222,918 $10,058,935



SOURCE EntreMed, Inc.

Website: http://www.entremed.com
 
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