EntreMed Reports First Quarter 2014 Financial Results
ROCKVILLE, Md., May 15, 2014 - EntreMed, Inc. ENMD, a clinical-stage
pharmaceutical company developing therapeutics for the treatment of
cancer and other diseases, today reported financial results for the
three months ended March 31, 2014.
The Company reported a net loss for the first quarter of 2014 of
($1.5 million), or ($0.05) per share, compared with a net loss of
($1.1 million), or ($0.05) per share, for the same period last year.
The increase in the net loss for the 2014 period is primarily due to
higher costs associated with the Company's research and development
operations in China, as well as additional costs related to corporate
business development initiatives in 2014.
As of March 31, 2014, EntreMed had cash and cash equivalents of $14.2
million.
Sara B. Capitelli, Vice President, Finance and Principal Accounting
Officer, commented, "Our research and development expenses for the
first quarter increased over the prior year due to the growth of our
China operations including personnel and other clinical development
costs of ENMD-2076 in China. Our general and administrative expenses
for the first quarter increased over the prior year due to an increase
in business development and investor relations activities, in addition
to an increase in non-cash stock based compensation expense. As we
continue to execute our clinical development plan, we expect operating
expenses to increase in 2014 compared with 2013."
Dr. Ken Ren, Chief Executive Officer, commented, "We are pleased with
our progress with ENMD-2076 as we continue enrollment in our Phase 2
trials in triple-negative breast cancer, advanced/soft tissue sarcoma
and advanced clear cell ovarian carcinoma. As we continue to advance
ENMD-2076 as our lead program, we will continue to implement our
business development strategy to acquire additional drug candidates to
expand our pipeline. We remain on track with our plans and finances."
