EntreMed, Inc. Issues Statement Responding to Wall Street Journal Article
ROCKVILLE, Md.--(BUSINESS WIRE)--Nov. 12, 1998--In response to today's article in the Wall Street Journal, EntreMed, Inc. (NASDAQ:ENMD) seeks to clarify several key points.
EntreMed stands solidly behind the data demonstrating the potent effects of Endostatin(tm) protein and Angiostatin(tm) protein as anti-tumor agents. In studies using recombinant human Endostatin(tm) protein produced by the Company, several large pharmaceutical companies as well as academic researchers around the world have reinforced our scientific results as well as those of Dr. Judah Folkman. EntreMed's continuing efforts are to develop recombinant human Endostatin(tm) protein for assessment of its anti-tumor effects in human beings. EntreMed is adhering to its previously stated timelines for both the production of Endostatin(tm) protein and for the commencement of clinical trials in 1999.
Further, contrary to the statement in the Wall Street Journal article, Entremed does not need a corporate partner in order to continue its development of Endostatin(tm) protein. As announced by the Company on November 4, 1998, EntreMed has signed an agreement with Covance Biotechnology Services, Inc., a contract manufacturer, for the production of Endostatin(tm) protein for clinical trials.
Dr. John W. Holaday, Chairman, President and Chief Executive Officer of EntreMed, commented on today's article in the Wall Street Journal: "Endostatin(tm) protein was discovered in 1996 and first published in 1997. It usually takes more than one year for scientists to reproduce data and publish results in peer-reviewed journals. Unfortunately, the wheels of science, including those governing publication of significant scientific data, grind much more slowly than front page news stories. In August 1998, the Company reported that Endostatin(tm) protein was well-tolerated in preliminary monkey toxicology studies. In 1999, the Company plans to test Endostatin(tm) in humans."
Dr. Holaday continued, "It should also be noted that thalidomide, another antiangiogenic agent, is currently in Phase II clinical trials for brain tumors, prostate cancer, and other devastating diseases. The Company believes these studies demonstrate thalidomide's therapeutic efficacy and serve as the first clinical proof of principle for Dr. Folkman's concepts. EntreMed is working as quickly as possible to begin the Endostatin(tm) clinical trials which are the hope of so many cancer patients and their families."
Rockville, Md.-based EntreMed, Inc., The Angiogenesis Company(tm), is a leader in the field of antiangiogenesis research, which involves the inhibition of abnormal blood vessel growth recently associated with a broad range of diseases. The Company's strategy is to accelerate development of its core technologies through collaborations and sponsored research programs with university medical departments, research companies and government laboratories.
For further information, please visit the EntreMed web site at www.entremed.com.
Statements herein that are not descriptions of historical facts are forward-looking and subject to risk and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in the Company's Securities and Exchange Commission filings under "Risk Factors," including risks relating to the early stage of products under development; uncertainties relating to clinical trials; dependence on third parties; future capital needs; and risks relating to the commercialization, if any, of the Company's proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).
CONTACT:
EntreMed, Inc., Rockville
Mary P. Sundeen
Director of Research Operations
301/738-2490
KEYWORD: MARYLAND
BW1334 NOV 12,1998
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