SAN FRANCISCO, CA--(Marketwire - March 01, 2013) -
EntreMed, Inc. (NASDAQ: ENMD
), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has received commitments from investors, including institutional investors Kleiner Perkins Caufield Byers China Fund II, L.P. and IDG-Accel China Growth Fund III L.P. to purchase approximately $10.7 million of securities in a registered direct offering. Burrill Securities LLC acted as exclusive placement agent in this transaction.
"We are very pleased to have the support of this group of strategic investors. We intend to use the net proceeds from this offering to advance our clinical development plan, including additional trials for ENMD-2076, and for general corporate purposes," said Dr. Ken Ren, the Company's Chief Executive Officer.
EntreMed is a clinical-stage pharmaceutical company developing targeted therapeutics for the treatment of cancer and inflammatory disease using a joint U.S.-China drug development model. EntreMed's drug candidates target disease cells and the blood vessels that nourish them. The company's goal is to develop and commercialize therapeutic products based on its scientific expertise in angiogenesis, cell signaling, cell cycle regulation, and inflammation -- processes that are vital to the progression of cancer and other diseases.
"We are pleased to have the opportunity to work with EntreMed on this transaction. Burrill Securities is focused on assisting exciting healthcare companies reach their goals and deliver returns to their shareholders," said Stephen Hurly, CEO Burrill Securities. "Whether that means attracting capital, forging partnerships, or enabling global M&A activity, we have the experience, global network, and industry expertise to serve our clients."
A shelf registration statement containing a prospectus relating to the shares of common stock and warrants to be issued in this transaction (and the shares of common stock issuable upon exercise of the warrants) has been filed with the Securities and Exchange Commission (the "SEC") and declared effective. A prospectus supplement relating to the offering will be filed by EntreMed with the SEC. Copies of the prospectus and prospectus supplement and accompanying prospectuses may be obtained directly from Burrill Securities LLC, Prospectus Department, One Embarcadero Center, Suite 2700, San Francisco, CA 94111, 415-591-5400 or email: email@example.com. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities of EntreMed. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Burrill Securities LLC
Burrill Securities provides life sciences companies with access to financial resources through global capital and a complementary blend of financial advisory services on public and private financings and cross-border transactions, including M&A, strategic partnerships, spinouts, and public and private capital raising. It provides companies enhanced access to public market investors through its Institutional Equities business. Our team has extensive experience and a comprehensive global network to help life sciences companies access capital and strategic partners to build their businesses. Burrill Securities LLC, member FINRA/SIPC is the investment banking arm of Burrill & Company.