EntreMed Reports 2013 Fourth Quarter And Full Year Financial Results
ROCKVILLE, Md., March 21, 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 and 12 months ended December 31, 2013.
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.
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