TAKE YOUR PROFITS PEOPLE... this is a CYA press release because the company knows that the stock is WAY ahead of itself.
Monday May 4, 4:26 pm Eastern Time
Company Press Release
EntreMed Inc. Issues Statement Regarding Angiostatin-TM Protein and Endostatin-TM Protein
ROCKVILLE, Md.--(BW HealthWire)--May 4, 1998--In response to recent press reports regarding the status of the development of two proteins, Angiostatin(TM) protein and Endostatin(TM) protein, which are effective in treating cancerous tumors in mice, EntreMed Inc. (Nasdaq:ENMD - news) cautioned that the development efforts remain at a preclinical stage and that it will likely take approximately 12 to 18 months before either of these proteins is tested in Phase I clinical trials in humans. If the Phase I clinical trial is successful, further FDA approved clinical trials would then be required before either protein could receive all necessary regulatory approvals. Consequently, no assurance can be given that either of these proteins will prove to be effective in humans.
EntreMed is very pleased with the progress of these proteins to date and applauds the work of Dr. M. Judah Folkman and his colleagues at Children's Hospital, a teaching affiliate of the Harvard Medical School in Boston, as well as the efforts being made by the National Cancer Institute (NCI).
EntreMed scientists are working diligently to complete the preclinical studies needed to allow filing of an Investigational New Drug Application (''INDA'') for Endostatin(TM) protein. Further, the Company is collaborating closely with its partner, Bristol-Myers Squibb Company (NYSE:BMY - news), regarding preclinical studies with Angiostatin(TM) protein.
Rockville, Md.-based EntreMed Inc., an innovative biopharmaceutical company, is a leader in the field of antiangiogenesis research, which involves the inhibition of abnormal blood vessel growth believed to be associated with a broad range of diseases. The Company's strategy is to accelerate development of its current core technologies through collaborations and sponsored research programs with university medical facilities, research companies and government laboratories. In December 1995, EntreMed forged a strategic partnership with Bristol-Myers Squibb Company to further the preclinical and clinical development of Angiostatin(TM) protein and thalidomide analogs. |
