EntreMed Reports Second Quarter 2005 Financial Results
Thursday July 28, 7:30 am ET
ROCKVILLE, Md., July 28 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD - News), a clinical-stage pharmaceutical company developing therapeutics primarily for the treatment of cancer and inflammatory diseases, today reported results for the three and six-month periods ending June 30, 2005.
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The Company reported a net loss for the second quarter of 2005 of ($4.3 million), or ($0.09) per share. This compares with a net loss of ($4.2 million), or ($0.12) per share, for the same period last year. Revenues for the second quarter 2005 were approximately $579,000 versus $139,000 for the comparable period a year ago.
EntreMed's reported net loss for the first six months of 2005 was ($9.8 million), or ($0.22) per share as compared to ($9.2 million) or ($0.26) per share for 2004. As of June 30, 2005, EntreMed had cash and short-term investments of approximately $37.7 million. For the six months ending June 30, 2005, revenues were approximately $605,000 versus $237,000 for 2004.
Dane Saglio, EntreMed Chief Financial Officer, commented on the results for the second quarter, "Second quarter 2005 financial results are in line with projections. R&D expenditures will continue to trend higher in the second half of the year as we expand our clinical trial base and file an IND on a second program. We expect that these increases will be offset by royalty revenue to be recorded on Celgene's sales of Thalomid® in the third and fourth quarters of 2005."
James S. Burns, EntreMed President and Chief Executive Officer, commented, "Our progress for the first half of 2005 is consistent with both our guidance and my expectations. R&D expenses are in line with our progress on Panzem® NCD and our key preclinical programs. These costs are offset by reductions in administrative expenses. Consistent with our previous guidance, we anticipate remaining on budget for expenses for the remainder of 2005." |
