Entremed (ENMD)

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The crucial quarter. ENMD lost 2.6 million in first quarter and has 4.8 million left; if no or little royalty income in 2nd quarter, then at that rate cannot survive to end of year without additional equity financing or a partnership. Thus it all depends on the phase 2 results for ENMD-2076 to be disclosed in June. What I think we can anticipate is that there will have been some drop-outs due to disease progression; maybe some tumor shrinkages; more likely some lowering of the CA-125 counts as was the case in phase 1, but hopefully quite a few "stable disease" patients at least under the "RECIST" measurements. If there can be shown a profile or sub-set of patients with a particular type of ovarian cancer-- say "clear cell" etc.-- that were particularly benefitted, might that give us a niche attraction over other tyrosine kinase inhibitors under development ? If results are not good, what do you think the patent rights could bring at a going out of business sale ?