EntreMed Reports Third Quarter 2006 Financial Results
Monday November 6, 7:00 am ET
ROCKVILLE, Md., Nov. 6 /PRNewswire-FirstCall/ -- EntreMed, Inc. (Nasdaq: ENMD - News), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and inflammatory diseases, today reported results for the three and nine-month periods ending September 30, 2006.
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Revenues for the third quarter 2006 were approximately $3,023,000 versus $1,250,000 for the comparable period a year ago. The Company reported a net loss for the third quarter of approximately ($3.5 million), or ($0.05) per share. This compares with a net loss of approximately ($4.4 million), or ($0.09) per share for the same period last year.
Revenues for the nine months ending September 30, 2006 were approximately $3,023,000 versus $1,850,000 for 2005. Reported net loss for the first nine months of 2006 was ($44.3 million), or ($0.63) per share as compared to ($14.1 million) or ($0.35) per share for 2005. The nine-month net loss includes a non-cash charge of $29.5 million resulting from the acquisition of Miikana Therapeutics in January 2006. Excluding the non-cash charge, the Company's net loss for the first nine months of 2006 was ($14.8 million), compared with ($14.1 million) for the first nine months of 2005. The non-cash charge had the effect of increasing the Company's net loss per share by approximately ($0.42) to the reported ($0.63) for the first nine months of 2006. As of September 30, 2006, EntreMed had cash and short-term investments of approximately $39 million.
Dane R. Saglio, EntreMed Chief Financial Officer commented, "Royalty revenues for the third quarter 2006 increased substantially over the same period last year. We are continuing to benefit from increasing sales of Celgene's Thalomid®, and we expect to record at least a similar amount of royalty revenue for the final quarter of 2006. We also expect research and development expenditures to continue increasing into 2007 as we expand our clinical programs, including securing material to support multiple clinical trials for our lead compounds, Panzem® NCD and MKC-1."
James S. Burns, EntreMed President and Chief Executive Officer, commented, "Our progress for the first nine months of 2006 is consistent with both our guidance and my expectations. We have met our anticipated clinical and research milestones this year; our clinical trials are proceeding as planned; and our R&D expenses remain in line with our clinical progress on Panzem® NCD, MKC-1, and ENMD-1198. Our lead preclinical programs are making excellent progress and we anticipate filing INDs for our aurora kinase inhibitor in oncology and for Panzem® in rheumatoid arthritis." |
