EntreMed Reports First Quarter 2005 Financial Results
Tuesday May 3, 8:30 am ET
ROCKVILLE, Md., May 3 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD - News), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported financial results for the three months ended March 31, 2005.
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The Company reported a net loss for the first quarter of approximately ($5.5 million), or ($0.13) per share, compared with a net loss of ($5.0 million), or ($0.14) per share, for the same period last year. As of March 31, 2005, the Company had cash and short-term investments of approximately $43.6 million. Revenues for the first quarter 2005 were approximately $25,000 versus $98,000 for the comparable period in 2004.
Dane R. Saglio, EntreMed Chief Financial Officer, reported on the first quarter results, "Our financial results reflect the Company's progress in early 2005. During the first quarter, we initiated Phase 1b studies with Panzem® NCD and enhanced our product pipeline through the in-licensing of Celgene's tubulin inhibitor program. As a result of these events, our expenses for the quarter were higher than the comparable quarter in 2004."
James S. Burns, EntreMed President and CEO commented, "The Company remains on course with the advancement of our lead product candidate, Panzem® NCD, and our preclinical pipeline programs. Additionally, through Celgene's warrant exercise, we have secured the financial resources to enable us to fund planned operations into 2007." |
