EntreMed, Inc. Reports Fourth Quarter and Year-End 2011 Financial Results

ROCKVILLE, Md., March 9, 2012 /PRNewswire/ -- EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, today reported results for the three months and twelve months ended December 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20010620/ENMDLOGO)

For fiscal year 2011, revenues were $1.9 million compared to $3.7 million for fiscal 2010. For the year ended December 31, 2011, the Company reported a net loss of ($5.6 million) or ($0.47) per share, compared to a net loss of ($9.1 million), or ($0.94) per share, for fiscal year 2010. As of December 31, 2011, the Company had cash and cash equivalents of approximately $1.1 million.

Revenues for the fourth quarter ended December 31, 2011 were $1.9 million compared to $3.7 million for the fourth quarter ended December 31, 2010. The Company reported net income of $1.0 million, or $0.06 per share for the three months ended December 31, 2011. This compares with net income of $0.8 million, or $0.07 per share for the fourth quarter 2010. Revenues in the fourth quarter of fiscal 2011 were from royalties earned from Celgene Corporation's sales of Thalomid®.

Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented, "Our financial resources were dedicated primarily to the clinical development of our primary drug candidate, ENMD-2076. Assuming our recent financing transaction is approved by our stockholders at our 2012 shareholders meeting, we expect that R&D expenses for ENMD-2076 will remain consistent or increase as we execute on our drug development strategy in 2012. Royalty revenues from Celgene's sales of Thalomid® in 2011 were $1.9 million, compared to $3.4 million in 2010. The decrease in royalty revenues was in line with our expectations and results from a decline in sales of Thalomid®in the United States. We will continue to carefully monitor and control expenses and deploy capital in strategic ways." Further up-to-date information regarding the Company, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, can be found on our web site at www.entremed.com.

About EntreMed

EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently completing a multi-center Phase 2 study in ovarian cancer and completed several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. Additional information about EntreMed is available on the Company's web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).