Both guns blazing? What the heck do you want? This press said that they stand by their science, that others have reproduced it. That the timeline for trials has not been delayed at all. That the reproducibility takes longer than one year, and that refuting science needs to be in journals not in the media. There is no need for a corporate partner as a company that does almost $600 million in revenues is going to be pumping out the protein in large quantities for ENMD. He further went on to say that science does not happen overnight. Wallstreet needs to ignore what is in the media and concentrate what is in the credible journals. Newspapers can write just about anything as protected under the First Amendment. Scientific journals do not follow that right. They can't; it would be chaos. What is in journals is what people believe, not the press as far as science goes.
Thursday November 12, 2:00 pm Eastern Time
Company Press Release
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 - news) 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 |
