EntreMed Reports 2013 Fourth Quarter And Full Year Financial Results

     EntreMed Reports 2013 Fourth Quarter And Full Year Financial Results

PR Newswire

ROCKVILLE, Md., March 21, 2014

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
investorrelations@entremed.com

INVESTOR CONTACT:
LHA
Kim Sutton Golodetz
212.838.3777
kgolodetz@lhai.com

(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
                                        $    (0.05)       $    (0.02)
common shareholders (basic and diluted)
Weighted average number of
                                        27,040,429            22,503,393
shares outstanding (basic and diluted)
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        $         -  $  (335,000)
preferred stock
Net loss attributable to common         $ (5,738,361)         $ (14,880,224)
shareholders
Net loss per share attributable to
                                        $     (0.22)      $     (0.78)
common shareholders (basic and diluted)
Weighted average number of
                                        26,125,852            19,055,064
shares outstanding (basic and diluted)
Cash and Cash Equivalents               $ 15,131,671          $ 8,049,237



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SOURCE EntreMed, Inc.

Website: http://www.entremed.com
 
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